Michael S. Zahn, president and CEO of First Federal Savings Bank, Huntington, has been elected 2021 chairman of the Board of Directors of the Indiana Bankers Association. The election took place Nov. 18 during the virtual IBA Mega Reimagined Conference and Annual Convention. Zahn currently serves the IBA as first vice chairman and will become chairman effective Jan. 1, 2021.
Alliance Bank, Francesville, and First Savings Bank, Jeffersonville, have been honored with the Indiana Bankers Association C2C (Commitment to Community) Awards in their respective asset sizes for outstanding community service performed during 2019. Alliance Bank won in the category of banks with assets below $500 million, and First Savings Bank won in the category of banks with assets of $500 million and above.
Lucas White, chairman of the Indiana Bankers Association, has been honored as a Sagamore of the Wabash by Gov. Eric J. Holcomb. The award was announced on Nov. 16 by Thomas C. Fite, director of the Indiana Department of Financial Institutions, during the virtual IBA Mega Reimagined Conference. It was presented to White by Michael S. Zahn, incoming 2021 IBA chairman, and president and CEO of First Federal Savings Bank, Huntington.
Officials of Ball State University have dedicated a classroom at the Miller College of Business to the Indiana Bankers Association. The dedication took place during a ceremony Oct. 28 in the Whitinger Business Building with the unveiling of the IBA logo. The ceremony was livestreamed by the University.
Jessica Lehman, director of agribusiness banking at the Portland, Indiana, office of First Financial Bank, Cincinnati, has been honored with the Indiana Bankers Association 2020 Woman on the Rise award, sponsored by SmithAmundsen LLC, Indianapolis. She was presented with the award on Oct. 23 during the virtual IBA Banking on Women Conference.
Karen Gregerson, president and CEO of The Farmers Bank, Frankfort, has been honored with the 2020 Indiana Bankers Association Woman of the Year award, sponsored by Krieg DeVault LLP, Indianapolis. She was presented with the award on Oct. 23 during the virtual IBA Banking on Women Conference. This annual award recognizes a woman in banking who is community-active, achievement-oriented, and who contributes to team success.
The U.S. Mint is asking for help from the public to recirculate coins – pennies, nickels, dimes and quarters. While there is an adequate supply of coins currently in the economy, the COVID-19 pandemic has affected the pace of circulation, resulting in a nationwide slowdown.
Per data released by the Small Business Administration, 71,614 Paycheck Protection Program loans have been approved through May 8 for small businesses in Indiana, with funds still remaining. This figure combines Indiana loans approved to date in Round Two of funding, which began April 27, with Round One loans approved April 3-16. In gross dollars, combining both rounds of funding, Indiana banks have assisted in providing $9,664,484,919 in PPP loans to small businesses in the Hoosier state.
The Small Business Administration and the Department of the Treasury have released numbers for Paycheck Protection Program loan activity during Round Two, which began April 27. Through May 1 of Round Two funding, Indiana banks assisted in completing 31,757 PPP loans totaling $2,060,003,401 in approved dollars. Combining these figures with Round One activity, Indiana banks helped complete 67,747 PPP loans totaling $9,551,448,752 for small businesses.
Yesterday the Small Business Administration provided updates on Paycheck Protection Program loan activity. Through the release of figures on April 29, more than 960,000 PPP loans had been processed by 5,300+ lenders through the second round of loan availability, totaling nearly $90 billion in loans to small businesses. The second round of PPP loan funds of $300 billion was first made available on April 27.
Today President Trump signed into law legislation providing for $310 billion in new funding for the Small Business Administration’s Paycheck Protection Program. PPP loans allow small businesses to continue to pay employees throughout the COVID-19 shutdown. Initial funding of $350 billion, made available earlier this month, was depleted within two weeks.
The Indiana Bankers Association is urging small businesses that have not already applied for Paycheck Protection Program (PPP) funds to contact their banks now in preparation for a second round of funding. Yesterday the U.S. Senate passed legislation that includes more than $300 billion in additional PPP funds, with the House expected to pass the legislation this week. Upcoming funds are anticipated to run out more quickly than initial funding, which was depleted within two weeks.
Indiana banks have been working with small businesses to help them access Paycheck Protection Program (PPP) loans backed by the Small Business Administration. Per SBA figures released today, as of April 16 Indiana banks assisted in completing 35,990 PPP loans totaling $7,491,445,351 in approved dollars. PPP loans allow small businesses to meet payroll, avoiding layoffs and saving jobs.
The Indiana Bankers Association joins with the banking community nationwide in urging Congress to provide immediate new funding for the Paycheck Protection Program (PPP). Due to high demand for PPP loan applications, funding of the loans has run out as of today. If this lapse in appropriations is not addressed, funding will not be able to be renewed.
Utilizing the Paycheck Protection Program (PPP) loan program made available through the CARES Act,* the banks of Indiana are helping small businesses remain viable throughout the COVID-19 pandemic. Bankers have been working nearly around the clock to assist small businesses and prevent layoffs through PPP loans backed by the U.S. Small Business Administration.