very nice problem for a bank to have, more money available than
borrowers to borrow it. JLCpulse
By David Falchek (Staff Writer)Published: March 15, 2013 in
A Hallstead-based community bank is setting down roots in
downtown Scranton, joining a competitive banking landscape.
The newest Peoples Neighborhood Bank office planned for Mulberry
Street and Penn Avenue at the site of PDQ Print Center won't be a
full-fledged retail banking office. The modest 2,200-square-foot
office will be for commercial lending and administration.
The Electric City outpost of the bank whose center of gravity is
firmly in the Endless Mountains may eventually evolve into a branch
with tellers and an ATM, said Joe Ferretti, Peoples Neighborhood
Bank chief lending officer, but for now, the plans call for some
administration function and commercial lending.
The bank hopes to use the office to set a new marker in its
service area, Mr. Ferretti said, with a Binghamton, N.Y. branch to
the north and now Scranton in the south.
The Federal Deposit Insurance Corp.'s approval for the office is
still pending, but Mr. Ferretti is hoping to have the bank ready to
lend in June.
The bank is doing business in Lackawanna and Luzerne counties,
he said, and the hopes the office will help better serve those
Banking observers say the move is as much about getting new
customers as it is about serving existing customers.
The stable, if long sleepy, country bank has grown fast over the
past four years, fueled by Marcellus Shale...