FIRST-CITIZENS BANK & TRUST
PPP Lender · 35,573 loans · $4.44B total · 39 states served
FIRST-CITIZENS BANK & TRUST was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 35,573 PPP loans totaling $4.44B, representing approximately 0.31% of all loans nationwide.
FIRST-CITIZENS BANK & TRUST served borrowers across 39 states. The largest concentration of activity was in North Carolina, where the lender originated 15,135 loans totaling $1.74B. Other states with significant activity included South Carolina, California, Virginia.
The average loan size for this lender was $124,773. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.
Among the largest named borrowers that received loans through FIRST-CITIZENS BANK & TRUST were: EMERGEORTHO P.A. (NC) — $10,000,000; MONARCH (NC) — $10,000,000; PINEHURST, LLC (NC) — $8,853,300; and WELLSPACE HEALTH (CA) — $7,927,700.
PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.
Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| North Carolina | 15,135 | $1.74B | 99.4% |
| South Carolina | 7,539 | $726.4M | 99.6% |
| California | 2,624 | $463.7M | 99.5% |
| Virginia | 2,093 | $302.9M | 99.4% |
| Georgia | 1,946 | $297.3M | 99.3% |
| Florida | 1,671 | $197.7M | 99.3% |
| Texas | 882 | $128.8M | 99.8% |
| Washington | 789 | $136.1M | 99.9% |
| Arizona | 617 | $87.2M | 99.7% |
| Colorado | 477 | $69.5M | 99.6% |
| Tennessee | 348 | $73.6M | 98.0% |
| Wisconsin | 287 | $31.2M | 97.9% |
| New Mexico | 253 | $44.9M | 100.0% |
| Oregon | 239 | $48.2M | 99.6% |
| Maryland | 177 | $29.6M | 99.4% |
| Kansas | 124 | $19.8M | 97.6% |
| Oklahoma | 110 | $11.0M | 100.0% |
| Missouri | 107 | $14.3M | 100.0% |
| West Virginia | 70 | $4.1M | 100.0% |
| New York | 15 | $3.2M | 100.0% |
| District of Columbia | 15 | $3.0M | 100.0% |
| Pennsylvania | 7 | $843,200 | 100.0% |
| Illinois | 7 | $902,600 | 100.0% |
| New Jersey | 6 | $612,300 | 100.0% |
| Minnesota | 6 | $911,100 | 100.0% |
| Nevada | 5 | $662,700 | 100.0% |
| Massachusetts | 4 | $1.1M | 100.0% |
| Michigan | 3 | $2.0M | 100.0% |
| Kentucky | 3 | $57,300 | 100.0% |
| Ohio | 2 | $298,300 | 100.0% |
| Maine | 2 | $100,900 | 100.0% |
| Idaho | 2 | $152,500 | 100.0% |
| Alaska | 2 | $154,500 | 100.0% |
| Utah | 1 | $41,600 | 100.0% |
| Puerto Rico | 1 | $26,300 | 100.0% |
| Mississippi | 1 | $74,900 | 100.0% |
| Louisiana | 1 | $20,500 | 100.0% |
| Indiana | 1 | $82,600 | 100.0% |
| Alabama | 1 | $24,300 | 100.0% |