RALEIGH, N.C. — First Citizens Bank today announced it has helped nearly 23,000 businesses across the company's franchise secure loans totaling $3.2 billion through the SBA's Paycheck Protection Program.
"Taking care of our customers is our promise – it's who we are, especially during times like these," said Chairman and CEO Frank Holding. "I'd like to thank our clients for their patience and trust in us as we've navigated this process and the unusual operating environment. I'd also like to thank our associates for diligently working day and night to help businesses access this PPP funding. It's been an incredible display of teamwork and dedication, and we're grateful for the opportunity to support small businesses and their vital role in the communities we serve."
The Paycheck Protection Program, part of the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) passed by Congress, was created to provide emergency relief for small businesses impacted by COVID-19. Specifically, it was designed to provide capital to businesses with 500 or fewer employees to help them meet their short-term ongoing expenses, including payroll.
Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank serves customers at more than 565 branches in 19 states. First Citizens Bank is a major subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), which has more than $41.5 billion in assets. For more information, call toll free 888-FC DIRECT (888-323-4732) or visit firstcitizens.com. First Citizens Bank. Forever First®.
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