Seven North Carolina community banks participating in a U.S. Treasury program have increased their lending to small companies by $124.4 million so far, the Treasury said Wednesday.
The Small Business Lending Fund, created in mid-2010, put about$4 billion was put into 332 banks and community development loan funds around the country. Critics call it a flop since $30 billion was authorized. About half of it was used to pay off TARP.
North Carolina's seven banks have about $115 million in SBLF money outstanding. Before receiving the money, their small business lending totaled about $813 million. Now, it is at $937 million -- a 15 percent increase.
Here's how each bank has performed:
- Citizens South Banking Corp., Gastonia: Up 16 percent, to $137 million
- Premara Financial Inc., Charlotte: Down 0.1 percent, to $51 million.
- Providence Bank, Rocky Mount: Up 18 percent, to $34 million.
- First Bancorp, Troy: Up 3 percent, to $508 million.
- Select Bancorp Inc., Greenville: Up 59 percent, to $46 million.
- Union Bank and Trust Co., Oxford: Up 16 percent, to $45 million.
- Live Oak Bancshares Inc., Wilmington: Up 117 percent, to $116 million.