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Phoenixville Federal Bank & Trust and ICBA Celebrate Community Banking Contributions That Help Local Communities Thrive

Covid-19 Pandemic shines light on benefits of banking locally

In recognition of Community Banking Month in April, Phoenixville Federal and the Independent Community Bankers of America (ICBA) are reminding consumers of the benefits of banking locally with an institution committed to their financial success and that stands with them through life’s ups, downs and everything in between.

Community banks take in local deposits and redistribute them back into the community—consistently making more than 60 percent of small-business loans and more than 80 percent of agriculture loans. They also contribute tax dollars that help maintain local municipalities and keep local neighborhoods viable and strong because serving the best interests of their customers is fundamental to their business philosophy. Community banks:

• Are highly favored by small businesses, earning a 74 percent net satisfaction score compared to 60 percent for large banks, 46 percent for finance companies and just 25 percent for online lenders, according to a Federal Reserve study.
• Are committed lenders with loan growth that has outpaced noncommunity banks for eight years.
• Demonstrate safety and soundness with higher capital ratios and better loan quality than the largest institutions.
• Offer high-tech, high-touch service, giving consumers access to modern-day conveniences while maintaining the superior customer service for which community banks are known.
• Have a strong track record in helping underserved Americans by focusing a relatively large share of their resources in low- and moderate-income tracts.

“Community banks are relationship lenders that stand by their customers and communities, and the pandemic has only emphasized their vital role in our financial system,” ICBA President and CEO Rebeca Romero Rainey said. “During ICBA Community Banking Month we are proud to recognize community banks as financial first responders who continue to demonstrate their flexibility to address unique financial needs while performing acts of community service that create healthy, resilient and vibrant communities, which benefit Americans nationwide."

About ICBA
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

 


 

PHOENIXVILLE FEDERAL CELEBRATES GIVING

Board of Trustees Year End Giving

Board of Trustees of Phoenixville Federal Bank & Trust (Seated l. to r.): James Lorah, Chairman, and Doug Darlington, President/CEO; (Standing l. to r.): James Reading, Randall Ruch, Robert Romain, James Clarke, Richard Kunsch, Vice Chairman, Carl LaMastra, and Jay Schaeffer.  Photo credit: Joe Wilt

 

It goes without saying that 2020 was a year like no other. But because of our local community organizations from Phoenixville, Collegeville, Royersford, Limerick and beyond, 2020 had many bright spots too. Because of those organizations, our neighbors received the help they needed during the first pandemic of our lifetimes. Because of them, volunteers were led to roll up their sleeves and “get it done” to keep our communities going. Because of them:

• Over 60,000 breakfasts and lunches were distributed to 660 individuals
• Over 70 families found shelter when they suddenly became homeless
• Low-income single parents were able to continue their education as free, reliable, and high-quality childcare was provided
• 221 individuals were helped in emergency shelters, residential housing or through housing support services
• 9 evictions were prevented
• 45,000 requests for food were met
• Over 4,500 patients were seen for free or at a reduced cost in spite of reduced capacities
• And so much more…

And, in a year like no other, Phoenixville Federal continues its tradition of caring for our community. Our frontline essential workers showed up every day to serve our customers; PPP loans, late fee waivers and loan deferrals were offered to our customers (sometimes from a kitchen table); and just like every other year, Phoenixville Federal celebrates the work of our non-profits that make our communities thrive by giving back a portion of its earnings. The bank’s 2020 year-end donations totaled nearly $80,000 to more than 70 area non-profits. In spite of the pandemic, whether there is a call for manpower, for food, for medical needs, or for prayers, it is a blessing to know that there are places and people to turn to for help.

  

 

 

Ribbon Cutting

photo credit: Carla Haydt

Royersford Grand Opening

Phoenixville Federal is always improving to offer better services and convenience for our customers, so we are happy to announce that our Royersford Branch is now officially open and ready to serve the community.

Thank you to the Spring-ford Chamber of Commerce for their assist with our ribbon cutting held on Wednesday, April 10, 2019. Several local civic leaders, business leaders, board members, staff, customers and not-yet-customers, were on hand for the open house and reception following the ceremonial ribbon cutting.

We are proud of our roots and our long history, being a part of the Royersford community since 1975, so stop by and see our history wall of photos kindly provided by the Spring-Ford Area Historical Society.

Celebration of Giving Reception

Giving Groupphoto credit: Mike Styer Photography

The Board of Trustees of Phoenixville Federal Bank & Trust are pleased to continue their annual tradition of giving back to the community. On Wednesday evening, January 29, 2020, more than seventy representatives from various local non-profits and community organizations attended the bank’s 10th Annual Celebration of Giving Reception, held at the Columbia Station in Phoenixville.

Bank staff and local organizations from the surrounding communities of Phoenixville, Collegeville, Royersford, and Limerick gathered to celebrate, not solely the work of one individual or one group, but the combined effort that makes our communities thrive.

“We use this night, of course, to distribute our year-end donation checks,” said Carol Buckwalter, Vice President of Marketing for the bank, “but just as important, we gather together to celebrate the various organizations that make our communities a wonderful place to live and work.”

More than $122,000 was donated in 2019 in support of education, health, shelter, food, public safety, the arts and so much more.

Chuck Benz, Senior Vice President / Branch Operations of the bank, expressed his sincere appreciation to those in attendance. "You, who are standing here in this room, represent the very best in our communities," said Benz. "I am so proud to work for an organization that makes it a priority to give back, and to share our good fortune with the communities we serve!"

 

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