Wisconsin Bank & Trust and its sister banks are processing $1.5 billion in Paycheck Protection Program loans under their holding company Heartland Financial USA, Inc.
Wisconsin Bank & Trust and other Heartland Financial banks began accepting applications for the PPP Friday morning following the publication of the Small Business Administration’s interim rules for participation.
Within the first 72 hours of PPP loan processing, Heartland Financial said it received over 7,000 requests for loans under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
“Our customers and wide-spread local communities are depending on us now more than ever, and our teams across the company have stepped up and worked countless hours to provide a lifeline to our customers as they navigate the provisions of the CARES Act,” Wisconsin Bank & Trust president and chief executive officer Curtis Chrystal said in a statement.
Chrystal said Wisconsin Bank & Trust branches across the state have processed hundreds of applications, but did not disclose the exact amount. However, the 7,000 PPP loans Heartland Financial is processing amounts to an approximately 20% increase in outstanding loans as the funds get disbursed over the next few weeks, Chrystal said.
As of Monday, Wisconsin Bank & Trust is no longer processing applications in a effort to protect the bank’s liquidity. The U.S. Treasury may purchase PPP loans from banks, in which case Wisconsin Bank & Trust would process more PPP applications.
“If they would buy those back, and there’s talk of that in Washington but nothing firm, that would free up additional liquidity for us to continue taking applications,” Chrystal said.
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