Member News

Jonestown Bank & Trust Co. (JBT) announced that the bank has issued $13.7 million in SBA-guaranteed loans to 269 businesses and non-profit organizations based in Berks, Lancaster and Lebanon Counties. The bank’s participation in the SBA Paycheck Protection Program (PPP) has been able to guarantee a paycheck to more than 2,300 local families during the COVID-19 pandemic.

While JBT had not been an SBA-approved lender prior to the COVID-19 crisis, the bank quickly pursued necessary approvals in order to be able to support the bank’s many business clients and their employees. During the first round of PPP funding in early April, JBT secured 59 loans valued at $4.2 million. Then when the second round of funding was available, the totals grew to 269 loans valued at $13.7 million, as of April 30, 2020.

Troy A. Peters, JBT’s President & CEO noted, “The total effort was fast tracked. We started at ground zero, set up an internal task force, and worked to shorten our learning curve to navigate the new program. The SBA’s systems were completely overwhelmed in the first round, but the second round went much smoother. I feel really good about what our entire team was able to accomplish in such a limited time in order to support the needs of our local clients.”

Peters added, “Like most financial institutions, JBT worked exclusively to support its existing clients during both rounds. However, if a local business that was a non-client wanted to apply at JBT, the bank agreed to receive the application, and then worked through a broker who could then find a resource able to serve the business. We wanted to make sure our customers and our community were well served. That has been our top priority.”

JBT serves customers in and around Berks, Lancaster, and Lebanon Counties. Founded in 1873, JBT currently has assets of $655 million and 14 banking locations, including its newest branch which opened recently in Robesonia, PA. For more information about JBT, please visit www.jbt.bank. Member FDIC. Equal Opportunity Lender.