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John D. Steinmetz - Small Banks to Play in Big Leagues

Vista bank CEO John Steinmetz explains how Vista Bank is participating in the Federal Reserveu2019s Main Street Lending Program, the midsize company complement to the more highly publicized small business-focused Paycheck Protection Program.

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John D. Steinmetz - Small Banks to Play in Big Leagues

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  1. John D. Steinmetz • Saving the Mid-Sized Companies - Small banks to play in the big leagues

  2. Vista Bank Handing out big loans • Established as a community bank, Vista Bank is giving out loans of up to $300 million to help save midsize companies in Texas.

  3. Contribution during pandemic • 108 year old Bank • 15 location community bank is taking part in the one of the biggest loan programs introduced in the US.

  4. Pirate Funnel • $1 Billion loan handout • One of the 19 lenders in Texas to participate in the Federal Reserve’s Main Street Lending Program. • Vista Bank CEO John Steinmetzsays that they could do $ 1 Billion in loans.

  5. CARES Act • PPP and Main Street originated in $2 Trillion CARES ACT • PPP was introduced for companies with less than 500 employees with a loan amount of $10 million in total. • Main Street loans range from $250,000 to $300 million for companies with 15,000 or fewer employees.

  6. Local Bank Big Loans • Setting up an example • As a requirement for the bank to take 5% share in the program, Vista Bank could loan out #300 million compared to the normal lending limit of $20 million. John D. Steinmetz, the first CEO outside the family told that they could use the 5% rule to go beyond the regular limit.

  7. Competing with Big Players • $1 billion in assets and about $870 million in deposits • “It’s given us the opportunity to compete with big banks like Wells Fargo that are normally too large to compete with due to our legal lending limit,”John Steinmetzsaid.

  8. TWITTER • Contact https://twitter.com/johndsteinmetz LINKED IN https://www.linkedin.com/in/johndsteinmetz WEBSITE http://johndsteinmetz.com/

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