Mid Penn Bank Originates Over $1 Billion in PPP Loans Helping to Save Over 89,000 Jobs

Rhea-AI Summary

Mid Penn Bancorp (NASDAQ: MPB) announced it has approved over $370 million in loans for small businesses through the 2021 Paycheck Protection Program (PPP), aiding more than 3,300 businesses and retaining over 34,000 jobs. The Bank utilized experience from the previous PPP round to facilitate efficient applications, contributing to a total of over $1.0 billion in loans since both PPP programs began. Mid Penn Bank continues to enhance local economies by expediting critical funding.

Positive

• Approved over $370 million in PPP loans for small businesses.
• Helped retain more than 34,000 jobs through funded loans.
• Utilized previous experience in PPP lending for efficiency.

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• None.

MILLERSBURG, Pa., May 05, 2021 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), parent company of the wholly-owned subsidiaries Mid Penn Bank (“Bank”) and MPB Financial Services, Inc., announced today that the Bank has approved and disbursed more than $370 million in loans for small businesses since the 2021 Paycheck Protection Program (PPP) portal was opened for community banks in January.

Mid Penn Bank has provided loans for more than 3,300 businesses in the 2021 Program. The Small Business Administration backed loans received by these employers has allowed them to retain more than 34,000 workers on their payrolls. The Bank’s SBA team relied on the experience gained in the first round of PPP in 2020 to help business owners and managers efficiently and successfully apply for and receive this critical funding. Through both the 2020 and 2021 programs, Mid Penn Bank has funded more than 7,400 loans for over $1.0 billion.

“This unprecedented program has been a critical component of sustaining the economies in the markets we serve. I am incredibly proud of the work that we are doing to get applications submitted quickly and correctly so that we can get these needed funds to the businesses that are the backbone of local economies,” said Mid Penn Bank President and CEO Rory Ritrievi.

The Mid Penn Paycheck Protection Program lending team is led by Natalie Falatek, First Vice President and Director of SBA/guaranteed lending. In 2019, Falatek completed the prestigious 7A Accreditation through the National Association of Government Guaranteed Lenders (NAGGL) Advanced Lender Diploma Program. She is one of only 49 lenders in the country to earn the 7A Accreditation. In 2020, Ms. Falatek received the Coleman PPP Lender of the Year award from the Coleman Report.

To learn more about Mid Penn Bank’s SBA programs, please visit us at https://midpennbank.com/business/financing/sba-loans/ or call our SBA Task Force Hotline at 888-472-9778.

About Mid Penn Bancorp Inc.
Mid Penn Bancorp, Inc. (NASDAQ: MPB), headquartered in Millersburg, Pennsylvania, has been serving the community since 1868. Mid Penn Bank operates retail locations throughout the state of Pennsylvania and has total assets of $3 billion. Its footprint includes Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill and Westmoreland counties. The Bank offers a comprehensive portfolio of products and services to meet the banking needs of the communities it serves. To learn more about Mid Penn Bank, visit www.midpennbank.com.

FAQ

What is the total amount of loans Mid Penn Bancorp approved in the 2021 PPP?

Mid Penn Bancorp approved over $370 million in loans through the 2021 Paycheck Protection Program.

How many businesses received loans from Mid Penn in 2021?

More than 3,300 businesses received loans from Mid Penn through the 2021 Paycheck Protection Program.

How many jobs were retained due to loans from Mid Penn Bancorp?

The loans provided by Mid Penn Bancorp helped retain over 34,000 jobs.

What is the total funding Mid Penn Bank has provided in PPP loans?

Since the inception of both the 2020 and 2021 PPP programs, Mid Penn Bank has funded over $1.0 billion in loans.