The State Bank received approval for 1,212 SBA Paycheck Protection Program (PPP) loans. The loans totaled just under $215 million, with an average loan amount of $177,318.
“We are incredibly honored to be able to serve as a lifeline for so many local businesses as they experienced a drastic decrease in business because of COVID-19,” said Ron Justice, president and CEO of The State Bank. “Our lending teams have made this their number one priority over the past several weeks, so that we can do everything in our control to help local businesses see a brighter future.”
In addition to lending through PPP, The State Bank has implemented these pandemic relief efforts to their customers and community:
• Access to an interest-free emergency loan of up to $1,000, with no payments due for 90 days and a 12-month repayment period
• A community support program where a total of $50,000 was donated throughout the month of April to 200 local members of the community
• Payment deferrals of up to 90 days or interest-only payments up to 180 days for all Small Business Association and commercial loans
• Relief from everyday banking and credit card fees
• Payment deferrals on mortgages and consumer loans
• Access by appointment, seven-days-a-week, to Wealth Management, Retirement, and Commercial Banking officers, to discuss longer-term financial strategies and the assistance available through Federal and State relief programs
To learn more about The State Bank’s initiatives, visit: https://yourbetterstate.com.
About Fentura Financial and The State Bank – Fentura Financial is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM. The State Bank is a full-service, 5-star Bauer Financial-rated commercial, retail and trust bank, based in Fenton, MI. It has assets of $950 million and currently operates 15 full-service offices in Genesee, Livingston, Oakland, Saginaw and Shiawassee counties and loan production offices in Washtenaw and Saginaw counties. The State Bank believes in the potential of banking to help create better lives, better businesses, and better communities, and works to achieve this through its full array of consumer, mortgage, SBA, commercial and wealth management banking and advisory services, together with philanthropic and volunteer support to organizations and groups within the communities it serves.