Bryn Mawr in Pennsylvania to sell its PPP loans
Bryn Mawr Bank in Pennsylvania is the latest bank to sell Paycheck Protection Program loans.
The $4.9 billion-asset bank disclosed in a regulatory filing Monday that it had sold “substantially all” of the $300 million in PPP loans it had made to The Loan Source.
The bank said the sale reflects a determination that the PPP portfolio had operational risk, complexity and uncertainty. It said it decided that best move was to sell the loans to a group with the servicing infrastructure needed to handle the volume and the challenges of navigating the forgiveness process.
Northeast Bank in Portland, Maine, said last week that it had agreed to sell nearly $458 million in PPP loans to The Loan Source.
Bryn Mawr also disclosed that it recently eliminated more than 20 positions. It also said it will have a number of its support and back-office employees work from home more often after the pandemic passes, which will allow it to shed about 33,000 square feet of office space by the end of this year.