Milestone in Loans to Small Businesses
FERNANDINA BEACH, Fla., September 26, 2017 – CBC National Bank, headquartered in Fernandina Beach and with branches in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C., today announced that in June its SBA lending division surpassed the $300 million mark in loans to small businesses. As of June 30, it had reached $314 million.
CBC’s SBA lending division continues to grow and expand its capacity to provide small businesses across the Southeast the vital lending needed to spur economic growth and development. In the second quarter of 2017, the division originated $7.7 million in loans, compared to $5.2 million in the second quarter of 2016.
CBC continues to be recognized as one of the U.S. Small Business Administration’s highest ranked community bank lenders in Florida, recently ranking No. 2 in total dollar volume and number of loans. CBC has also bolstered its government guaranteed lending group in 2017, with specific focus on United States Department of Agriculture (USDA) Business and Industry loans.
Through the USDA program, CBC can offer commercial and small business loans for most types of businesses, as well as investment properties, multi-use office complexes, etc. If the loan recipient meets necessary criteria, the loan is guaranteed by the federal government.
“We continue to strengthen our SBA lending division in order to serve small businesses across the Southeast by providing them the capital they need to grow their businesses,” said Durand Childers, president of CBC’s SBA lending division. “Building our government guaranteed lending group to now include USDA Business and Industry loans allows us to offer a more diversified lending product specific to the small businesses in the communities we serve.”
About CBC National Bank
CBC National Bank, headquartered in Fernandina Beach, Fla., provides a full range of consumer and business banking services through full-service banking offices in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C. The company’s residential mortgage banking division, headquartered in Atlanta, includes both traditional retail and wholesale lending groups, which together have lending offices in Florida, Georgia, Maryland, South Carolina, North Carolina, Illinois, Ohio and Tennessee. The company’s SBA lending division operates under SBA’s delegated authority, originating SBA, USDA and FSA loans throughout the southeastern United States. Headquartered in Fernandina Beach, its offices are located in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., Atlanta and Beaufort. For more information, please visit CBC National Bank’s website, www.cbcnationalbank.com.
About Coastal Banking Company Inc.
Coastal Banking Company Inc. is the $635.8 million-asset bank holding company of CBC National Bank. The company's common stock is publicly traded on the OTCQX Best Market under the symbol CBCO. The company was named to the OTCQX® Best 50 in both 2015 and 2016, an annual ranking of the top 50 U.S. and international companies traded on the OTCQX Best Market, based on equal weighting of one-year return and average daily dollar volume growth. For more information, please visit the company's website, www.coastalbanking.com.
