2021 CSBS Community Bank Case Study Competition Journal

2021 COMMUNITY BANK CASE STUDY COMPETITION

local business owners were struggling, and TriStar had the solution. Williams believed that TriStar needed to waste no time deliberating the benefits and costs of PPP if that time could be spent saving businesses instead (T. Williams, E-mail, March 10, 2021). The process to gain approval for PPP loans began when the SBA’s portal to apply for the loans opened on April 10, 2020 (D. Sanders and C. Goatz, Zoom, February 25, 2021). During 2020, TriStar processed 238 PPP loans totaling $23.5 million (mostly during the month of April) and ended the year with approximately $20.0 million in PPP loans remaining on the balance sheet. To help put that number into perspective, the typical monthly loan volume for TriStar’s loan operations department is between 50–60 loans for approximately $7.0 million (D. Sanders, E-mail, March 19, 2021). Reflecting on the year, Williams saw TriStar’s potential to serve its local communities and act as an economic first responder to be the driving force throughout 2020 that allowed the Bank to invest the hard work and dedication needed to assist the community. Much of TriStar’s success with PPP was due to relentless efforts of the TriStar team. Long and unusual hours worked by TriStar’s staff processing loans demonstrated the staff’s dedication. The U. S. Treasury initially allocated $349.0 billion in forgivable PPP loans. Banks depleted that amount by Thursday, April 16, 2020 ( PPP FAQ & Announcements Timeline ). An example of the TriStar employees’ diligence occurred the week when the initial funds were depleted.

From TriStar Chief Executive Officer (CEO) Ted Williams’ perspective, many local business owners were struggling, and TriStar had the solution.

during the COVID-19 pandemic, allowing these businesses to continue paying employees during the economic hardship. Existing SBA lenders, which includes many community banks, funded PPP loans. Because community banks are often utilized by small businesses, community bank participation was essential for the government program to work, and TriStar fulfilled its vital role in the community by participating (Bowman, Federalreserve.gov ). Once the program was announced to the public, TriStar enlisted without hesitation. Despite initial challenges registering for PPP and bank employees beginning to work from home, TriStar knew this program was going to be a huge help for businesses struggling during the pandemic (D. Sanders and C. Goatz, Zoom, February 25, 2021). From TriStar Chief Executive Officer (CEO) Ted Williams’ perspective, many

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