FIRST SECURITY BANK

FIRST SECURITY BANK 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 6,557 PPP loans totaling $384.3M, representing approximately 0.06% of all loans nationwide.

FIRST SECURITY BANK served borrowers across 20 states. The largest concentration of activity was in Arkansas, where the lender originated 4,402 loans totaling $314.1M. Other states with significant activity included Mississippi, Illinois, Iowa.

The average loan size for this lender was $58,604. 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 SECURITY BANK were: ARKANSAS HOSPICE INC (AR) — $5,437,500; JOHNSON REGIONAL MEDICAL CENTER (AR) — $3,312,700; VANGUARD TRUCK CENTERS OF HOUSTON (TX) — $3,030,600; and OZARK HEALTH INC. (AR) — $2,834,800.

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.