THE FIRST BANK AND TRUST
PPP Lender · 6,578 loans · $387.9M total · 22 states served
THE FIRST BANK AND 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 6,578 PPP loans totaling $387.9M, representing approximately 0.06% of all loans nationwide.
THE FIRST BANK AND TRUST served borrowers across 22 states. The largest concentration of activity was in Virginia, where the lender originated 5,235 loans totaling $303.5M. Other states with significant activity included Tennessee, North Carolina, West Virginia.
The average loan size for this lender was $58,970. 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 THE FIRST BANK AND TRUST were: SUMMERS-TAYLOR, INC. (TN) — $6,354,000; HARMONIA HOLDINGS GROUP, LLC (VA) — $5,911,050; SHELOR MOTOR MILE INC (VA) — $5,457,500; and PARAMONT MFG LLC (VA) — $3,984,800.
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.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| Virginia | 5,235 | $303.5M | 99.5% |
| Tennessee | 946 | $62.9M | 99.8% |
| North Carolina | 224 | $7.5M | 99.6% |
| West Virginia | 58 | $4.4M | 100.0% |
| Maryland | 24 | $952,029 | 100.0% |
| District of Columbia | 16 | $1.9M | 100.0% |
| South Carolina | 12 | $636,534 | 100.0% |
| Florida | 11 | $3.4M | 100.0% |
| New York | 9 | $867,304 | 100.0% |
| Kentucky | 8 | $322,549 | 100.0% |
| Georgia | 8 | $213,809 | 100.0% |
| Texas | 4 | $121,515 | 100.0% |
| Pennsylvania | 4 | $124,808 | 100.0% |
| Illinois | 4 | $417,192 | 100.0% |
| California | 4 | $93,600 | 100.0% |
| Michigan | 3 | $48,076 | 100.0% |
| New Mexico | 2 | $116,231 | 100.0% |
| Connecticut | 2 | $287,275 | 100.0% |
| Wyoming | 1 | $13,974 | 100.0% |
| Washington | 1 | $5,000 | 100.0% |
| Kansas | 1 | $11,000 | 100.0% |
| Arizona | 1 | $8,700 | 100.0% |