A trio of banks has disclosed recent sales of Paycheck Protection Program loans.
Amerant Bancorp in Coral Gables, Fla.; Eagle Bancorp in Bethesda, Md.; and BancorpSouth Bank in Tupelo, Miss., said in separate press releases that they had sold a total of $990 million of PPP loans. They did not disclose the buyers.
The $7.5 billion-asset Amerant said it sold $95.1 million of PPP loans in May. An additional $59.9 million of loans were forgiven in the second quarter, leaving the company with $23.6 million of PPP outstanding on June 30.
Eagle sold $169.8 million of PPP loans during the second quarter, generating a roughly $4.7 million in accelerated net deferred fees and costs. The $11 billion-asset company said the loans were sold to “a well-regarded firm with significant expertise in the ongoing servicing and processing associated with PPP loans.”
Finally, BancorpSouth disclosed the sale of nearly 12,300 PPP loans totaling $725.4 million, which generated a $21.6 million gain on sale. The $27.6 billion-asset bank received $347.1 million in PPP forgiveness payments during the second quarter, leaving it with less than $170 million in PPP loans at June 30.
A number of other banks have disclosed PPP loan sales in recent weeks, including Trustmark in Jackson, Miss.; Blue RidgeBankshares in Charlottesville, Va.; and Dime Community Bancshares in Hauppauge, N.J.