Neil Cotiaux, FHLBank, 412-335-9488; Neil.firstname.lastname@example.org
Karen Thomas, 570-346-7741, ext. 2359; email@example.com
Penn Security Bank and Trust Recognized for Outstanding Community Service, Receives Pillars of the Community Award at a Gathering of Regional Bankers
Scranton, PA, May 30 – Penn Security Bank and Trust Company was presented today with the coveted Pillars of the Community Award in recognition of its commitment to community service over the past year.
Penn Security Bank and Trust received the award at a meeting of its peers during a ceremony at the Hilton Scranton & Conference Center. The honor is bestowed annually on a bank that has done an outstanding job of creating housing for lower-income families and promoting community development throughout the region. It is presented each year by the Federal Home Loan Bank (FHLBank) of Pittsburgh, a private cooperative of nearly 300 financial institutions across Delaware, Pennsylvania and West Virginia.
An active member of the FHLBank cooperative, Penn Security Bank and Trust promoted four successful projects that received Affordable Housing Program grants. These grants have helped Habitat for Humanity of Lackawanna County build 16 homes for low-income families. In 2011, Penn Security also created a first-time homebuyers program and a small consumer loan program to help low- to moderate-income families buy and furnish homes. It also offered payment deferment to customers affected by last year’s flooding and made a sizeable investment in a senior crime-stoppers program that helped ensure the well-being of area nursing home residents.
In addition to its housing initiatives, the Scranton-based bank channeled $12.8 million in low-cost loans from FHLBank’s Community Lending Program to support the Carbondale Nursing Home and Lackawanna College. It accessed more than half a million dollars from FHLBank’s Banking On Business (BOB) program, saving or creating more than 40 area jobs. BOB funds, supplemented with additional Penn Security Bank and Trust small business financing, assisted firms in East Stroudsburg, Factoryville, Jessup, Olyphant and Waverly.
Bank directors and staff also continued to play an active role in their community last year. Penn Security Bank provided financial support and education to the clients of Dress for Success, Lackawanna who assist and support the economic independence of disadvantaged women throughout six counties in Northeastern Pennsylvania. In addition, the bank hosted an innovative community outreach program for area nonprofits to determine if the bank was meeting the needs of their organization and the clients they serve. Employees also volunteered at the Women’s Resource Center, Race for the Cure and the Team Survivor Program, among other causes.
Said Winthrop Watson, president and chief executive officer of FHLBank Pittsburgh: “For more than 110 years, Penn Security Bank and Trust Company has been committed to the growth and well-being of northeastern Pennsylvania. Every day, Penn Security exemplifies what it means to lead with heart.”
About Penn Security Bank and Trust
Founded in 1902, Penn Security Bank and Trust is a wholly owned subsidiary of Penseco Financial Services Corporation with headquarters in Scranton. It maintains 12 full-service banking locations and a network of ATMs throughout Lackawanna, Luzerne, Monroe and Wayne counties. The bank offers a wide range of personal and business accounts including trusts and investments and brokerage services. Penn Security Bank enjoys a capital to asset ratio that is more than double the “Well Capitalized” ratio set by federal regulators.
FHLBank Pittsburgh provides a steady stream of low-cost liquidity to local lenders in support of housing finance and community and economic development. FHLBank is privately funded and capitalized and uses no taxpayer dollars. At March 31, 2012, the Bank had 297 financial institution members in its cooperative and approximately $53.3 billion in assets.