NEW YORK–The nation’s credit unions had $8.34 billion in Paycheck Protection Program loans outstanding at the end of June, according to a new analysis.
Credit unions had specialized in making relatively small PPP loans, and the analysis, performed by S&P Global Marketplace supports that, with the CU community capturing just a small slice of the $525 billion in PPP loans that had been made overall through June 30.
According to S&P Global, Mountain America Credit Union in Sandy, Utah, led all credit unions with $346.8-million in PPP Loans, or just under 4% of its total loan portfolio.
Just two of the top 20 CUs among PPP lenders had assets of less than $1 billion: Notre Dame FCU in Indiana, which made $178 million in PPP loans, and Vibrant Credit Union in Illinois, which made $152 million in PPP loans through June 30.
Both credit unions finished among the top six PPP lenders, ranking ahead of the world’s largest credit union, the $128-billion Navy FCU in Virginia, which finished in the number 7 spot with $143 million in PPP loans.
Notre Dame FCU also reported the highest percentage of its overall loan portfolio as PPP loans, at 24.44%.
The largest PPP lender in the country was also the country’s largest bank, JPMorgan Chase, which reported $29.35 billion.
For details, see chart below.