First Commonwealth Bank Achieves #1 SBA Ranking in the Pittsburgh District
Indiana, PA (October 13, 2021) – By assisting more than 40 small businesses throughout western Pennsylvania, First Commonwealth Bank has achieved the ranking of number one SBA lender, of dollars lent, in the Pittsburgh District for the federal fiscal year that completed on September 30. The Pittsburgh SBA District encompasses 27 counties in western Pennsylvania.
“This is an area where we are punching well above our weight class, and are so pleased to see the rankings reflect our team’s hard work,” CEO Mike Price said about First Commonwealth’s SBA production. “We keep working to get a little better each year to help deliver the type of financial solutions and banking relationship that the small businesses in our communities need to succeed. We’re so thankful to the business owners who have put their trust in our bank.”
With a total of $50.9 million in 7(a) loans distributed in the Pittsburgh District, First Commonwealth surpassed it’s 2020 total of $21.4 million in loans disbursed, a growth of nearly 240%. Funding up to a maximum of $5 million dollars per loan, “The 7(a) loan program is SBA's primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan,” according to the SBA website. First Commonwealth fully integrated its SBA program in 2018, and has quickly ascended into a top five lender in the Pittsburgh, Cleveland and Columbus (includes Cincinnati) Districts. The institution also provides SBA lending in Florida and Texas, which helped bring First Commonwealth’s total of 7(a) loans distributed to nearly $117 million and a ranking of top 75 lenders in the nation for the fiscal year.
“At First Commonwealth, all of our departments work together toward the goal of becoming the best bank for businesses. Every person who touches our SBA business operation has helped us achieve these proud rankings. Our SBA lenders, our underwriting team, our portfolio specialists, our credit analysts, and so many others,” offered Jeff Rosen, Small Business Lending Executive. “We also continue to make significant gains on our SBA results in our Ohio metropolitan regions. I can see us following a similar trajectory in those rankings as well.”
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 119 community banking offices in western and central Pennsylvania and throughout Ohio, as well as business banking centers in Pittsburgh, Pennsylvania, and Canton, Cincinnati, Cleveland and Columbus, Ohio. The company also operates mortgage offices in Wexford, Pennsylvania, as well as Canfield, Hudson and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.
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