Zions Bancorporation Delivers Paycheck Protection Program Loan Approvals for More Than 40,000 Small Businesses
May 11 2020 - 4:05PM
Business Wire
More than Half a Million Workers’ Paychecks May
Be Protected Through the Loans
Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that
it has processed and obtained approval for 40,483 U.S. Small
Business Administration (SBA) Paycheck Protection Program (PPP)
loans totaling $7.05 billion, as of May 10, 2020.
Originated and processed by Zions Bancorporation’s affiliate
banks operating across 11 western states, the loans will help
preserve payrolls for more than 600,000 workers, based on applicant
data.
More than 66% of the loans were made to businesses with fewer
than 10 employees. Nearly 80% of the loans approved were for
amounts less than $150,000 (55% for amounts less than $50,000) and
the median loan amount approved was $41,600. Additionally,
approximately 21% of the loans approved have been for businesses
that were not previously Zions Bancorporation customers.
“As one of the nation’s leading small business banks, we care
deeply about the health and vitality of America’s entrepreneurs,
their employees and businesses,” said Zions Bancorporation Chairman
and CEO Harris H. Simmons. “We are very proud of the work we have
done to provide loans to small businesses and qualifying non-profit
organizations under the CARES Act. Our work isn’t done; we will
continue to accept and submit applications in all of our markets
until the PPP funds are exhausted.”
The company engaged approximately 2,000 employees — roughly 20%
of its workforce — in various aspects of the project. At its peak,
the company’s central loan center processed approximately 140 times
its normal daily volumes.
Demonstrating the company’s ability to quickly harness financial
technology tools to solve client needs, Zions Bancorporation’s
Enterprise Technology and Operations division developed an
end-to-end PPP technology solution in less than a week leveraging
its investments in automated robotic processing and API
capabilities.
Breakdown of SBA Paycheck Protection Program funding approved by
market:
Data by Zions Bancorporation
Markets as of May 10, 2020
State
% of State’s Total PPP
Approvals ($)
# of Loans
$ Amount of Loans
Median $ Per Loan
Arizona
8.3%
4,831
$736,970,285
$42,850
California
2.5%
8,359
$1,698,523,442
$57,500
Colorado
4.4%
3,179
$463,968,876
$30,300
Idaho
9.8%
2,054
$256,675,146
$32,400
Nevada
14.3%
4,160
$587,198,500
$37,100
New Mexico
0.8%
103
$18,716,700
$40,700
Oregon
1.5%
224
$105,101,200
$115,300
Texas
3.2%
6,969
$1,373,988,810
$39,600
Utah
24.8%
9,554
$1,355,352,929
$34,900
Washington
2.5%
601
$309,530,359
$140,000
Wyoming
1.1%
57
$11,081,200
$62,300
Other
n/a
392
$131,399,200
$68,300
TOTAL
n/a
40,483
$7,048,506,647
$41,600
Zions Bancorporation, N.A. is one of the nation's premier
financial services companies with annual net revenue of $2.8
billion in 2019 and more than $70 billion of total assets. Zions
operates under local management teams and distinct brands in 11
western states: Arizona, California, Colorado, Idaho, Nevada, New
Mexico, Oregon, Texas, Utah, Washington and Wyoming. The Bank is a
consistent national and statewide leader of customer survey awards
in small and middle-market banking, as well as a national leader in
Small Business Administration lending and public finance advisory
services. In addition, Zions is included in the S&P 500 and
NASDAQ Financial 100 indices. Investor information and links to
local banking brands can be accessed at
zionsbancorporation.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200511005882/en/
James Abbott Director of Investor Relations Tel: (801)
844-7637
Zions Bancorporation NA (NASDAQ:ZION)
Historical Stock Chart
From Mar 2024 to Apr 2024
Zions Bancorporation NA (NASDAQ:ZION)
Historical Stock Chart
From Apr 2023 to Apr 2024