LYMERICK, Pa., June 3, 2021 (GLOBE NEWSWIRE) – Victory Bank is proud to have provided $ 100 million in PPP loans to local businesses.
In April 2020, the bank processed over 560 loans in less than four weeks and found that 75% of the workforce worked remotely.
In total, the bank processed over 850 PPP loans between April 2020 and April 2021, helping employers maintain over 11,000 jobs in the region. Victory Bank typically processes an average of 400 loans per year. Many employees worked tirelessly, seven days a week, sometimes 17 hour days, to ensure that every loan was processed and booked without errors, while continuing to service bank customers’ existing loan and deposit needs.
“I think it cannot be emphasized enough the importance of having local community-based banks available to provide much-needed credit and solve financial problems. This approach is very different from that of the big banks or the many non-banks that offer “bank-like” services on the Internet. This has never been more evident than in the past year and a half. That is why our bank exists – to provide basic services to our local communities and to create stability and prosperity for all, ”said Joseph Major, CEO and Head of the Bank.
The bank continues to support local companies and offers tailor-made credit solutions with expert advice. In addition to another record year in revenue, The Victory Bank was voted Montgomery County’s “Best Bank” by the public for the fifth year in a row. The bank also has a 5-star rating at Bauer Financial. Bauer Financial, Inc. is the nation’s leading independent rating and research firm for banks and credit unions. It has reported and analyzed the performance of US banks and credit unions since 1983.
Most recently, The Victory Bank was named one of the top 200 community banks in the country by the American Banker. American Banker was founded in 1836 and is based in Manhattan. American Banker is a daily trading newspaper and website for the financial services industry. It has about 50 reporters and editors in six US cities who monitor developments and breaking news concerning banks.
Founded in 2008, The Victory Bank is a Pennsylvania state chartered commercial bank based in Limerick Township, Montgomery County, Pennsylvania. In addition to providing community banking services, the bank is a specialist corporate lender providing quality banking services to small and medium-sized businesses and professionals through its offices in Montgomery and Berks Counties, Pennsylvania. For more information about The Victory Bank, visit VictoryBank.com. Member of the FDIC.