Converse, IN, April 29, 2020 (GLOBE NEWSWIRE) -- In the brief period since the federal passage of the CARES Act, First Farmers Bank & Trust has joined forces with banks around the country to assist business owners to secure emergency financing through the Payroll Protection Program (PPP). Through two periods of applications, FFBT employees have increased work schedules and expedited the traditional application and underwriting process to help commercial clients navigate this program. Since April 3rd, over 1000 FFBT business clients have obtained low interest loans to help assist the needs of furloughed employees and maintain the stability of the small business economy. All loans are 100% guaranteed by the Small Business Administration (SBA). If businesses utilize at least 75% of the proceeds for payroll expense, a large portion of the loan is forgivable. As of April 29th, First Farmers Bank & Trust has processed over $100 million in PPP loans through their branch network and their online website at ffbt.com
“I am incredibly proud of the cooperation and communication that took place between our clients and our employees. Our life challenges are often best dealt with through hard work and sincerity and this is an excellent example of how people can come together in times of struggle.” Mark “Doc” Holt, President, First Farmers Bank & Trust.
“Our clients and our communities rely on us to do everything possible to help during times of crisis. We will always take the initiative to assist our local partners.” Cary Mawbey, Senior Vice President, First Farmers Bank & Trust.
First Farmers Bank & Trust has offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and offices in Coles, Edgar and Vermilion counties in Illinois. First Farmers Financial Corp is a $2.0 billion financial holding company headquartered in Converse, Indiana and is traded on the OTC Markets Group, Inc. "OTCQX" exchange under the ticker symbol: FFMR. The bank website is www.ffbt.com