ODNB and Centre 1st Bank Secured a Total of $301 Million in Paycheck Protection Program Funds for Small Businesses and Nonprofits
TYSONS CORNER, Va. and STATE COLLEGE, Pa., May 19, 2021 — Old Dominion National Bank announced that ODNB and its Centre 1st Bank division secured $301 million in funding for more than 700 small businesses and nonprofits through the Paycheck Protection Program (PPP) before the U.S. Small Business Administration (SBA) announced in May that federal funds for the initiative were exhausted.
The Bank funded $92 million in PPP loans since the SBA opened the program’s second round in January 2021, in addition to the $209 million funded last year after the program’s first round launched in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
PPP loan volume reflects both the tremendous demand for the PPP program and the extraordinary work done by the Bank’s team. The Bank’s entire team of 79 employees in the Washington, D.C. metropolitan area and Central Pennsylvania provided its concierge style of service to help both new and existing customers to access the federal program.
“I have never been prouder to lead a community bank than during these unprecedented times, when ODNB and Centre 1st supported hundreds of small businesses, sole proprietors, independent contractors and nonprofits throughout the communities ODNB and Centre 1st Bank serve,” said Chairman and Chief Executive Officer Mark Merrill. “I am equally proud of each of our employees, who devoted their expertise and professionalism, as well as countless hours, nights and weekends, to helping customers access PPP funds.”
The Bank secured $206 million in PPP loans in the D.C. metro area, $53 million in the Commonwealth of Pennsylvania, and $42 million in the other communities it serves. To date, 73% of the PPP loans secured by ODNB in round one of the program have been approved for forgiveness by the SBA.
“Since officially opening our first full-service branch in Central Pennsylvania just two years ago, Centre 1st has been able to bring a true relationship-based and service-oriented banking experience to individuals, families and businesses in and around State College,” said President Jack Infield. “In mid-2016, we began assembling a management team, board and ownership group to lead a bank built by and for local entrepreneurs, small businesses and community leaders, and we have been gratified to be in a strong position to help those we serve when they have needed us most.”
ODNB has grown rapidly since the current leadership team took over the then-$45.6 million-asset bank in mid-2016. As a result of its continued strong performance and its participation in the PPP, the Bank’s total assets have grown to over $872.0 million as of March 31, 2021.