We can all agree – it has been one heck of a year so far, for all of us. As we continue to navigate this global pandemic, both as individuals and small business owners, we must take time to be thankful for what we have and what we’ve accomplished.
Here at 21st Century Bank, we’re grateful for our customers and employees who have made us what we are – a locally-owned and-operated bank with the strength to support our community through these challenging times.
As customers, you have put your trust in 21st Century Bank and we’re happy to provide world-class service thanks to the hard work, lending expertise, and nimble decision-making of our staff. There’s no question that this year has been a tough one, but it’s one I’m proud of.
Major Milestones for 21st Century Bank, and Minnesota Business Owners, in 2020
According to the U.S. Small Business Administration’s Minnesota District, 21st Century Bank had the highest participation in the SBA 7a loan program over the past fiscal year for our Asset Size range and we were #3 overall. These figures do not take into account Paycheck Protection Program loan data.
As if that weren’t enough to be happy about, for the third year in a row 21st Century Bank is the #1 Third Party Lender for SBA 504 projects in Minnesota, which is quite an impressive achievement.
We’ve also been able to more than double the number of loans written. In a normal year, 21st Century Bank writes about 250 loans for about $125 million. With COVID-19 and the PPP loans, we’ve already originated 900 loans this year for $170 million.
Unlike big box banks, 21st Century Bank was able to open our doors to small, local businesses, keeping businesses open, employees paid, and helping our community weather the adversity brought on by COVID-19. The PPP loans together with impressive collaboration between Business Development and the Business and Consumer Banking teams have brought us the largest deposit growth in a single year in the history of the bank at $120 million. In addition to the PPP lending, the Lending, Credit, and Loans Servicing team coordinated 150 loan modifications during the year, which helped our customers become more confident about their position or in other cases, weather the storm dependent upon the industry they were in and how that industry was effected by the Pandemic.
On top of our success with loans and deposits, and despite the added challenges of a global pandemic, 21st Century Bank has opened two new locations—one in Roseville and a new location at Riverplace Market. Both locations are ready to assist customers with the top-notch service you’ve come to expect.
Where 21st Century Bank is Guiding Small Business Owners Next
21st Century Bank is gearing up for another strong earnings year and I’m happy to report we possess very safe and strong capital ratios – which is a great sign that our small business community in Minnesota will weather this pandemic.
We’re also continuing to put the safety of our customers and employees first with strong internal and external prevention efforts while COVID-19 is still a concern.
It’s hard to find the words to describe how strange and challenging this year has been. Despite the adversity, 21st Century Bank has been able to accomplish amazing things, and, most importantly, we’ve been able to help keep businesses in our community alive.
I’m looking forward to an even better 2021 and I hope you are too.
-Jon Dolphin, President
21st Century Bank