TAMPA, Fla., May 26, 2021 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT ) was recognized as Florida’s leading community bank for the second year in a row, and ranked among the nation’s top 100 by American Banker, a magazine that rates publicly traded community banks based on their three-year return on average equity (ROAE). Notably, the implementation of the Small Business Administration (SBA) Payroll Protection Program (PPP) allowed First Citrus Bank to provide crucial economic support to local Tampa Bay businesses during the pandemic, while simultaneously boosting the financial health of the bank.
First Citrus Bank supported 2,272 local businesses and reinvested over $180 million back into the community with the Paycheck Protection Program. The impact on small businesses has been immense, with 92% of program loans reaching businesses with fewer than 25 employees.
“This number one ranking as the top-performing community bank in Florida is a byproduct of our associates’ deep commitment to our mission,” stated Jack Barrett, President and CEO of First Citrus Bank. “We’ll continue building upon that commitment because it’s the right thing to do, and the entire community will benefit.”
First Citrus Bank’s operating performance is growing steadily, acting as a parallel indicator of dependability and steadfast appreciation in the community. As of February 18, 2021, FCIT was ranked as the 5th best performing regional bank stock in the southeastern United States.
“In 2021, we will continue to adapt our strategy to meet the needs of the Tampa Bay community, just as we did with PPP,” said David Mastrorio, Executive Vice President and Chief Lending Officer of First Citrus Bank for 21 years. “We promise to meet clients where they are, whether facilitating their core deposit needs through our digital banking solutions or meeting clients face to face at their place of business to discuss their growth capital needs. Our clients have come to appreciate the flexible small business banking experience that First Citrus Bank will deliver.”
In fact, First Citrus Bank is opening a new, full-service branch this summer to further assist clients in Pinellas County. First Citrus Bank is a true community bank and was recently named a Top 5 SBA lender in Tampa Bay and ranked 7th in the state for Paycheck Protection Program lending. It has served the Tampa Bay community for the past 22 years, with six branches across the Tampa Bay area. The executive team are all long-time residents of Tampa Bay.
About First Citrus Bank
First Citrus Bank, a $600 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 100 Community Banks in 2021 by American Banker and named Top 5 SBA Lender in Tampa Bay for 2020 by the SBA. First Citrus Bank was selected as the Tampa Bay Chamber of Commerce 2019 Small Business of the Year and ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine Independent Banker. It serves businesses and individuals through a range of tailored financial solutions specializing in personal and business banking services with six locations throughout Tampa Bay.
First Citrus Bank enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful. For additional information, please visit https://www.firstcitrus.com.
About First Citrus Bancorporation, Inc.
First Citrus Bancorporation, Inc., is a Florida corporation and the parent bank holding company for First Citrus Bank, a Florida commercial bank. First Citrus Bancorporation, Inc., is headquartered in Tampa, Florida, and was ranked as the fifth best-performing regional bank stock in the Southeastern United States over the past five years by S&P Global Market Intelligence. Stock trades on the OTC Markets under the ticker symbol "FCIT."