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Hancock Whitney Delivers $2.4 Billion in SBA Funds to Gulf South Businesses

May 06, 2020 | About:

Hundreds of bankers worked non-stop to provide more than 12,000 businesses the financial support needed to remain open and serve local communities

GULFPORT, Miss., May 06, 2020 (GLOBE NEWSWIRE) -- Hancock Whitney has helped to bring more than $2.4 billion to 12,000-plus businesses through rounds one and two of the U.S. Small Business Administration’s Paycheck Protection Program. Of the PPP loans for which Hancock Whitney received approvals, 67 percent of the total number of loans approved are for loan amounts less than $100,000. More than 88 percent of these approved loans are for a loan amount under $350,000, ensuring the money was provided to the Gulf South’s smaller businesses.

“Businesses that maintained applications in the Hancock Whitney pipeline through the Paycheck Protection Program approval process received approval for PPP loans,” said Hancock Whitney President and CEO John M. Hairston. “Our bankers worked tirelessly around the clock since the program began on April 3rd to enter as many completed applications as possible into the SBA queue, while guidelines evolved and SBA systems faced challenges from massive, unprecedented demand. It’s an honor for us to help sustain our local economies, and we’re very grateful to businesses that chose us to help them get the funds they needed to keep their doors open and people employed during this pandemic. We also acknowledge the hard work and long hours performed by the SBA team who ultimately made this beneficial program a reality.”

Hancock Whitney provided loans to businesses primarily based in markets throughout the bank’s five-state Gulf South footprint. More than 13 percent of businesses served by Hancock Whitney applied for and received a PPP loan.

“The PPP loans for which we received approval are helping thousands of businesses of all types and sizes and hundreds of thousands of employees in our communities. The majority of the PPP loans for which we received approval are smaller loans that will help smaller businesses vital to the communities we serve. We are proud to have been a part of assisting America’s small business community navigate economic hardships caused by the COVID-19 economic shutdown,” added Hairston.

Hancock Whitney maintains a special page at www.hancockwhitney.com/covid19 with timely updates on bank locations and operations, resources, fraud prevention tips, and ongoing direct assistance available for people and businesses suffering financial impacts from the pandemic, including fee waivers, loan payment deferrals, and SBA loans.

About Hancock Whitney

Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Part of Hancock Whitney Corporation’s Gulf South financial services family, bank offices and financial centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee, as well as trust and asset management offices in New Jersey and New York. BauerFinancial, Inc., the nation’s leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America’s most financially sound banks. More information is available at www.hancockwhitney.com.

For more information
Trisha Voltz Carlson, Investor Relations Manager
504.299.5208 or [email protected]

Paul Maxwell, Senior Communications Officer
228.867.8690 or [email protected]

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