LAFAYETTE, La., May 4, 2020 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), the holding company of the 133-year-old IBERIABANK (www.iberiabank.com), reports updated results related to the Small Business Association's Paycheck Protection Program (SBA PPP).
Since the SBA PPP was launched on April 2, 2020, IBERIABANK has secured a total of $2.13 billion impacting 240,000 employees. As of May 1, 2020, the Company received and processed 15,000 applications. 99.8% of fully qualified loans have received SBA allocation of funds. Between May 1 and May 2, 2020, the Company has received more than 200 additional applications, which are currently being processed.
"Since inception of the program, our team has been processing loan applications as rapidly as possible, and we are very pleased with our ability to serve our clients well during this very challenging time," says Daryl G. Byrd, President and CEO of IBERIABANK. "Following Congress' decision to appropriate additional funding to the PPP, we were well prepared to continue to execute at extraordinary levels. The results are a true testament to the commitment of our team."
The Company is continuing to accept PPP applications via IBERIABANK.com or by contacting a local banker, subject to available funding.
IBERIABANK Corporation is a financial holding company with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, commercial leasing and equipment financing, and title insurance services.
SOURCE IBERIABANK Corporation