LEHIGH COUNTY, Pa. — A Bucks County-based bank is branching out into the Lehigh Valley with its first location in the region.
And it plans to open a second by the end of the year in Bethlehem.
Penn Community Bank cut the ribbon Wednesday evening at its new spot at 3090 Tilghman St. in an enclave of South Whitehall Township that’s centered around the Village West Shopping Mall and all but surrounded by Allentown.
That location is the bank’s 21st in Pennsylvania but it's first outside Bucks and Montgomery counties.
Penn Community chose to expand into the Lehigh Valley because the region has an “extremely strong” Chamber of Commerce and its “business leaders and community leaders are aligned” and working toward the same goals, according to President Jeane Vidoni.
Leaders in Allentown, Bethlehem and Easton are cooperating to build a continuity across the region, which is helping to make the Lehigh Valley market “one of the most powerful in the country,” Vidoni said.
“Growth here is projected to be very, very strong,” she said.
The Lehigh Valley is among the fastest-growing regions in Pennsylvania, which inevitably creates “challenges” for infrastructure and housing, among other areas, according to Vidoni.
But those challenges represent important opportunities for a bank such as Penn Community to show its “commitment to everything” in the community and not just “the richest and the biggest businesses,” she said.
“I call it ‘doing business backwards.' What I mean by that (is) we put people before profits — but the profits come because we put people before profits.”Jeane Vidoni, Penn Community Bank president and CEO
Penn Community is a mutual bank, meaning it is not publicly traded. That allows executives and financial planners to focus on “serving the communities and the markets that we're in instead of meeting a profitability goal,” Vidoni said.
Its structure also means it can plan for long-term goals instead of trying to attain constant growth, she said.
“I call it ‘doing business backward,’” Vidoni said. “What I mean by that [is] we put people before profits, but the profits come because we put people before profits.”
'A good risk to take'
Penn Community Bank is set to double down on its bet on success in the Lehigh Valley by opening a bank in Bethlehem.
Penn Community Bank should have its second regional location — at the Westgate Mall — sometime before the end of 2024, Vidoni said.
Allentown Mayor Matt Tuerk on Wednesday thanked Penn Community Bank executives for taking a “good risk” by moving into the region.
“The core of banking is being willing to take a risk. But a smart bank knows a good risk when they see one — and this is a good risk to take.”Allentown Mayor Matt Tuerk
“The redevelopment that’s underway in Allentown and across the Lehigh Valley only works when you have strong bank partners who are willing to take risks,” Tuerk said.
“The core of banking is being willing to take a risk. But a smart bank knows a good risk when they see one — and this is a good risk to take.”
The bank received official proclamations at the ribbon-cutting from Lehigh County Executive Phil Armstrong and county Commissioner Geoff Brace, as well as state Sen. Nick Miller.
“From the heart, I’d like to let you know how much we appreciate the fact that you chose us — to be here — and that you are working with our community,” Armstrong said.
Community banks play a “vital” role by supporting small businesses — the “backbone of our economy” — Miller said. He said there are more than 11,000 businesses in the Lehigh Valley with 20 or fewer employees.
He encouraged bank executives to explore a partnership with Allentown School District about financial literacy.
Penn Community Bank plans to hold a grand opening celebration with free food from 10 a.m. to 1 p.m. Saturday.
