SECURITY FIRST BANK
PPP Lender · 2,646 loans · $88.2M total · 20 states served
SECURITY FIRST 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 2,646 PPP loans totaling $88.2M, representing approximately 0.02% of all loans nationwide.
SECURITY FIRST BANK served borrowers across 20 states. The largest concentration of activity was in Nebraska, where the lender originated 2,098 loans totaling $50.9M. Other states with significant activity included South Dakota, Wyoming, Colorado.
The average loan size for this lender was $33,330. 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 SECURITY FIRST BANK were: RAPID CITY MEDICAL CENTER LLP (SD) — $4,980,564; KETEL THORSTENSON, LLP (SD) — $1,980,362; YOUTH & FAMILY SERVICES, INC. (SD) — $1,799,182; and COZAD COMMUNITY HOSPITAL (NE) — $1,585,000.
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 |
|---|---|---|---|
| Nebraska | 2,098 | $50.9M | 100.0% |
| South Dakota | 446 | $31.5M | 100.0% |
| Wyoming | 34 | $2.7M | 100.0% |
| Colorado | 31 | $995,207 | 100.0% |
| North Dakota | 5 | $24,052 | 100.0% |
| California | 5 | $70,262 | 100.0% |
| Montana | 4 | $210,483 | 100.0% |
| Florida | 4 | $809,811 | 100.0% |
| Texas | 3 | $455,502 | 100.0% |
| Minnesota | 3 | $43,166 | 100.0% |
| New York | 2 | $24,165 | 100.0% |
| Michigan | 2 | $66,975 | 100.0% |
| Kansas | 2 | $10,303 | 100.0% |
| Wisconsin | 1 | $20,833 | 100.0% |
| South Carolina | 1 | $251,244 | 100.0% |
| Ohio | 1 | $10,719 | 100.0% |
| New Jersey | 1 | $20,909 | 100.0% |
| Missouri | 1 | $3,125 | 100.0% |
| Iowa | 1 | $20,833 | 100.0% |
| Connecticut | 1 | $1,098 | 100.0% |