Top Private Companies 2022: Banks bring in more customers and loans
2020 was defined by unprecedented growth in business loans spurred by the Paycheck Protection Program, but the banking sector maintained momentum in 2021 thanks to rising home mortgages, the asset growth and rising education financing and small business lending.
These factors helped Gulf Coast Bank & Trust Company post a record year of growth, with revenue increasing 21.5% from $193.1 million in 2020 to $234.6 million in 2021. net assets increased from $2.2 billion to $2.8 billion, and the bank increased its number of employees from 517 to 673.
“We were one of the biggest PPP lenders in 2020 when we made the decision to open loans to all applicants, not just existing customers, because it was the right thing to do to help our businesses,” said Chairman and CEO Guy Williams. “In a way, building relationships with new customers has led them to become repeat customers and, therefore, growing our deposits and assets. We have seen an increase in home mortgages due to historically low interest rates, a drive for entrepreneurship through people changing careers and starting small businesses and parents taking out loans studies to be more proactive in choosing a school for their children.
Williams said the bank helped retail customers rebuild and receive hurricane-deductible loans due to Hurricane Ida. Gulf Coast provided $1.7 billion in net lending in 2021.
“Our SBA division is growing and we’ve hired a lot in this department over the past year,” Williams said. “We are also continuing to expand the retail business with a new branch on Terry Parkway and one in Elmwood.”
Fidelity Bank had its second-best year in company history, reporting revenue of $87.7 million in 2021, down 16% from its record revenue year in 2020 at $104.4 million.
“We’ve grown our assets by $250 million over the past 18 months to over $1 billion, and we’ve grown our customer base by more than 3,000 homes since the pandemic,” said Chris Ferris. , President and CEO. “These are all significant growth increases in the history of our franchise, and it’s a testament to the dedication over the past two years of our 386 associates who have sustained an unprecedented commitment to our customers and their banking needs.”
First American Bank & Trust reported revenue of $40.9 million in 2021, compared to $40.3 million in 2020, while Resource Bank reported $36.2 million last year, compared to $38.5 million the previous year. Metairie Bank & Trust increased its revenue from $20.7 million to $22.5 million.