The Victory Bank Funds $100 Million in SBA Paycheck Protection Program (PPP) Loans
The Victory Bank has successfully funded $100 million in Paycheck Protection Program (PPP) loans to local businesses, processing over 850 loans between April 2020 and April 2021, aiding in the retention of over 11,000 jobs. Despite operating at 75% workforce capacity, staff worked tirelessly to ensure efficient processing of loans. The bank achieved a record earnings year and has been recognized as the 'Best Bank' in Montgomery County for five consecutive years. It maintains a 5-Star Rating from Bauer Financial and was recently named one of the Top 200 Community Banks in the U.S.
- Funded $100 million in PPP loans supporting local businesses.
- Processed over 850 loans, retaining over 11,000 jobs in the region.
- Achieved record earnings for the year.
- Voted 'Best Bank' in Montgomery County for five consecutive years.
- Maintains a 5-Star Rating from Bauer Financial.
- Rated one of the Top 200 Community Banks in the U.S.
- None.
LYMERICK, Pa., June 03, 2021 (GLOBE NEWSWIRE) -- The Victory Bank is proud to have funded
In April of 2020, the bank processed over 560 loans in less than four weeks, noting they did so with
In total, the bank processed over 850 PPP loans between April 2020 and April 2021, helping employers retain over 11,000 jobs in the region. The Victory Bank typically processes an average of 400 loans per year. Many members of the staff worked tirelessly, seven days a week, sometimes logging 17 hour days, to make sure each loan was processed and booked without error, while continuing to serve the existing lending and deposit needs of the bank’s clients.
“I believe it is impossible to overstate the critical importance of having local banks headquartered in the community that are available to supply much-needed credit and solve financial problems. This approach is far different from those of large banks or the many non-banks promoting “bank-like” services on the Internet. Never was this more evident than over the past year and a half. That’s why our bank exists - to provide essential services to our local communities and help create stability and prosperity for all,” stated Joseph Major, CEO and Bank Leader.
The bank continues to support local businesses, providing customized lending solutions with expert advice. In addition to another record year in earnings, The Victory Bank was voted by the public as the “Best Bank” in Montgomery County for the fifth consecutive year by Montco Happenings. The Bank also maintains a 5-Star Rating with Bauer Financial. Bauer Financial, Inc. is the nation's leading independent bank and credit union rating and research firm. It has been reporting and analyzing the performance of U.S. banks and credit unions since 1983.
Most recently, The Victory Bank was rated one of the Top 200 Community Banks in the country by the American Banker. Founded in 1836 and based in Manhattan, American Banker is a daily trade newspaper and website covering the financial services industry. It has approximately 50 reporters and editors in six U.S. cities who monitor developments and breaking news affecting banks.
Established in 2008, The Victory Bank is a Pennsylvania state-chartered commercial bank, headquartered in Limerick Township, Montgomery County, Pennsylvania. In addition to providing community banking services, the Bank is a specialized business lender that provides high-quality banking services to small and mid-sized businesses and professionals through its offices in Montgomery and Berks Counties, Pennsylvania. Additional information about The Victory Bank is available on its website, VictoryBank.com. Member FDIC.
Contact:
Kelly Taylor
ktaylor@victorybank.com
FAQ
What is the total amount of PPP loans funded by The Victory Bank as of June 2021?
How many jobs were retained due to The Victory Bank's PPP loans?
How many PPP loans did The Victory Bank process between April 2020 and April 2021?
What recognition did The Victory Bank achieve in Montgomery County?
What rating does The Victory Bank hold from Bauer Financial?
