Gulf Coast Bank & Trust Reports Record Growth in 2020
NEW ORLEANS – Gulf Coast Bank & Trust Company President and CEO Guy T. Williams said the bank has worked hard to respond to the demands of the COVID-19 pandemic – and, as a result, experienced record growth in 2020.
“Last year was an inordinately difficult year for the entire world,” said Williams. “COVID-19 shutdowns dealt a body blow to local hospitality, restaurant, entertainment businesses and the workers employed by them. Banking is an essential business. Therefore, we remained open while dealing with employee health and family care issues.”
Williams said the bank responded to the crisis in many different ways: adopting new safety recommendations, purchasing locally sourced masks and disinfectants, extending hours and even making house calls. When the federal Payroll Protection Program debuted in April, Gulf Coast accepted applications from the entire community instead of only existing customers. This decision, said Williams, resulted in unprecedented loan growth of over $363 million.
In comparison to 2019, earnings slightly decreased due to the costs of dealing with the pandemic and the low (1%) interest rate on the PPP loans.
“I am deeply grateful to our employees who juggled childcare, elder care and customer care to meet community needs in this very difficult time. We grew more than we expected, and we helped all who asked,” said Williams.
This chart shows Gulf Coast Bank & Trust balance sheet and income statement highlights from December 2019 to December 2020: