First State Bank: SBA business acquisition lending record
First State Bank (home state AR) approved 28 SBA 7(a) loans to buy existing businesses since FY2018, totaling $31.6M. The median loan was $816,500. It ranks number 263 of 280 lenders by count and made 0.1% of all SBA acquisition loans nationally.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $263,800 and $1,920,300. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Arkansas is the largest state (21% of loans). Loans appear in only 8 states, which points to a regional lender.
- Industry concentration. Pharmacies and Drug Retailers is 14% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 118 SBA 7(a) loans of any purpose since FY2020, totaling $116M. 18% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 21% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Too few of its loans are old enough to measure a charge-off rate.
First State Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 3 | $760K | $245,200 | |
| FY2019 | 2 | $748K | $374,000 | |
| FY2020 | 3 | $5.6M | $935,000 | |
| FY2021 | 4 | $5.2M | $1,309,500 | |
| FY2022 | 6 | $6.2M | $1,133,500 | |
| FY2023 | 3 | $3.3M | $601,200 | |
| FY2024 | 3 | $4.4M | $1,317,800 | |
| FY2025 | 1 | $1.9M | $1,882,300 | |
| FY2026 | 3 | $3.4M | $1,113,000 |
How often do these acquisition loans fail?
Fewer than 20 First State Bank acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
The purchase agreement decides what you bought, not the loan approval.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Arkansas | 6 | 21.4% | $6.8M | |
| 2 | Mississippi | 6 | 21.4% | $4.2M | |
| 3 | Texas | 5 | 17.9% | $10.1M | |
| 4 | Wisconsin | 4 | 14.3% | $4.3M | |
| 5 | Oklahoma | 4 | 14.3% | $3M | |
| 6 | North Dakota | 1 | 3.6% | $1.9M | |
| 7 | Michigan | 1 | 3.6% | $1.1M | |
| 8 | Florida | 1 | 3.6% | $245K |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Pharmacies and Drug Retailers | 4 | 14.3% | $5.9M | |
| 2 | Hotels (except Casino Hotels) and Motels | 2 | 7.1% | $3.4M | |
| 3 | Janitorial Services | 2 | 7.1% | $1.3M | |
| 4 | All Other Miscellaneous Fabricated Metal Product Manufacturing | 1 | 3.6% | $4M | |
| 5 | Gasoline Stations with Convenience Stores | 1 | 3.6% | $2.9M | |
| 6 | Security Systems Services (except Locksmiths) | 1 | 3.6% | $2.4M | |
| 7 | Industrial Supplies Merchant Wholesalers | 1 | 3.6% | $2.3M | |
| 8 | Machine Shops | 1 | 3.6% | $2M | |
| 9 | All Other Specialty Trade Contractors | 1 | 3.6% | $1.9M | |
| 10 | General Automotive Repair | 1 | 3.6% | $1.1M |
Seller note standby terms and third-party consents are reviewed before closing.
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | SEI Fuel Services | 1 | 3.6% | $2.9M | |
| 2 | Days Inn | 1 | 3.6% | $2.1M | |
| 3 | Quality Inn | 1 | 3.6% | $1.2M | |
| 4 | Pet Supplies Plus | 1 | 3.6% | $245K | |
| 5 | Subway | 1 | 3.6% | $200K |
Questions buyers ask
Does First State Bank make SBA acquisition loans?
Yes. First State Bank approved 28 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 263 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are First State Bank's acquisition loans?
The median was $816,500, with the middle half between $263,800 and $1,920,300. The national median is $645,250, so this lender's typical loan is 27% higher than the national figure.
Which states does First State Bank lend in?
Arkansas (6), Mississippi (6), Texas (5), Wisconsin (4), Oklahoma (4), North Dakota (1). Its loans appear in 8 states, so it is closer to a regional lender.
Which industries does First State Bank finance?
Pharmacies and Drug Retailers (4), Hotels (except Casino Hotels) and Motels (2), Janitorial Services (2), All Other Miscellaneous Fabricated Metal Product Manufacturing (1), Gasoline Stations with Convenience Stores (1). The top industry is 14% of its acquisition loans.
How have First State Bank's acquisition loans performed?
Fewer than 20 of this lender's loans are old enough to measure. The national benchmark is 3.5% for the FY2018 to FY2021 cohort.
The purchase agreement decides what you bought, not the loan approval.
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Related
- Arkansas acquisitions
- Mississippi acquisitions
- Texas acquisitions
- Pharmacies and Drug Retailers
- Hotels (except Casino Hotels) and Motels
- Janitorial Services
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by First State Bank.