PPP loans help local community bank get named top in Florida

TAMPA — American Banker magazine named First Citrus Bank Bancorporation the top performing community bank in Florida, based in part on the strength of its handling of PPP loans.

The magazine based its rankings on the three-year return of average equity of publicly traded community banks, according to a statement from the bank. Tampa-based First Citrus was aided by its performance administering loans through the Small Business Administration’s Payroll Protection Program.

According to the bank, it lent more than $180 million to 2,272 local businesses during the pandemic, 92% of those companies with fewer than 25 employees.

“This No. 1 ranking as the top-performing community bank in Florida is a byproduct of our associates’ deep commitment to our mission,” says Jack Barrett, president and CEO, in a statement. 

First Citrus’ revenue grew 7% in 2020 to $22 million and total deposits grew 37% to $473.9 million.