It took 410 lenders to handle Greater Cincinnati’s demand for 29,073 loans from the Paycheck Protection Program, a new I-Team analysis shows.
Those banks delivered at least $2.9 billion to local companies, nonprofits, schools and churches.
They collected at least $98.8 million in fees for their efforts.
IT TOOK 410 LENDERS TO FILLTHE LOCAL DEMAND FOR PAYCHECKPROTECTION LOANS.THEY APPROVED29-THOUSAND LOANS IN LESS THANTHREE MONTHS.THE WCPO I-TEAMHAS BEEN DIGGING INTO THENUMBERS ON THIS GOVERNMENTSTIMULUS PROGRAM FOR SEVERALWEEKS NOW.INVESTIGATIVEREPORTER DAN MONK SAYSPAYCHECK PROTECTION LOANS INGREATER CINCINNATI GENERATEDAT LEAST 90 MILLION DOLLARS INFEES FOR THE BANKING INDUSTRY.BY ALMOST ANY MEASURE, KENWOOD-BASED CBANK IS A TINY SLIVEROF THE LOCAL BANKING INDUSTRY.ITS $206 MILLION IN ASSETSMAKE IT ABOUT 900 TIMESSMALLER THAN FIFTH THIRD BANK.BUT IT CBANK CAME UP BIG FORSMALL BORROWERS THIS YEAR -WHEN HEAVY DEMAND FOR PAYCHECKPROTECTION LOANS LEFT MANYSMALL BUSINESS OWNERS AT THEBACK OF THE LINE.
CBANKAPPROVED 208 LOANS IN FIVEWEEKS, EARNING LEAST $1.3MILLION IN FEES FROM THE SBA,ACCORDING TO THE I-TEAM'SANALYSIS.7:36"I've beencovering this space for 17years and I can't think of atime when you've seen thisvolume of loans going throughthe banking system in such ashort period of time.NATHANSTOVALL IS A BANKING ANALYSTFOR THE RESEARCH FIRM SGLOBAL MARKET INTELLIGENCE.16:02"The banks stepped up andworked hard and got $520billion out there in prettyquick order."ALTHOUGH HEWOULDN'T TALK ON CAMERA, CBANKCEO DEAN MEISZER TOLD ME THEBANK WILL MAKE A MODEST PROFITON ITS PPP LO PORTFOLIO.
HEDIDN'T DISPUTE OUR ESTIMATETHAT THE BANK WILL GENERATE ATLEAST $1.3 MILLION IN FEESFROM THOSE LOANS.
BUT HE SAYSTHE PROGRAM WAS COSTLY TOADMINISTER.STOVALL SAYS HE'SHEARD THAT A LOT FROM BANKERSALL OVER THE COUNTRY.7:59"Someof the banks that seem to haveoutpunched their weight, haveeven talked about, 'OK, wethink we're going to makepretty good money on this butwe're actually going to paythat out in terms of bonus forour employees because we knowthey went above and beyond.'"CBANK NORMALLY CATERS TOPRIVATELY OWNED COMPANIES.
BUTSBA STATS SHOW NEAY 10PERCENT OF ITS PPP LOANS WENTTO LOCAL NONPROFITS, INCLUDINGTHE CHILDREN'S HOME, STALOYSIUS ORPHANAGE AND THERONALD MCDONALD HOUSE.MEISZERSAYS THE BANK PICKED UP SOMENEW CUSTOMERS WITH ITSNONPROFIT LENDING - WHICHSHOULD FUEL FUTURE GROWTH.DANMONK WCPO 9 I-TEAMRIGHT NOW ON WCPO DOT COM...ABREAK DOWN OF THE DATA FROMMILLIONS OF LOANS IN OHIO,KENTUCKY AND INDIANA...TO SHOWYOU HOW BANKS PUT THE MONEY TOWORK IN THE TRI-
How did local bankers respond to the coronavirus crisis? They cranked out 13,000 loans a week in April and May.