WAYNE, Pa., Sept. 9 /PRNewswire/ -- Penn Liberty Bank, which opened for
business on September 1, 2004, recently celebrated its four year anniversary.
In just four years Penn Liberty has grown to over $320 million in total assets
with total loans of $292 million and total deposits of $268 million. During
this time Penn Liberty has raised $43.8 million of capital to support its
continued growth. Recent accomplishments include the following:
-- Our experienced lending team has grown our loan portfolio rapidly each
year without sacrificing credit underwriting standards. Our overall loan
quality remains strong and we have incurred minimal charge-offs since our
inception.
-- Our eighth full service branch was opened in Paoli, Chester County,
Pennsylvania on Tuesday September 2, 2008. We are pleased with how well our
branches have been received by their local communities.
-- "Courier on Call" service and "Deposit Depot" remote check capture
products, designed for businesses located outside of our branch network,
continue to be important and successful strategies to gain new business
customers. Courier on Call has grown to a current fleet of 4 Penn Liberty
jeeps and 8 drivers. Monthly deposit activity from Courier on Call and Deposit
Depot now exceeds $35 million.
-- We recognize the importance of supporting our local communities. One
of the many ways we accomplish this is through participation in the
Pennsylvania Educational Improvement Tax Credit Program. Since inception,
Penn Liberty has contributed $375,000 to local scholarship and education
improvement organizations participating in this program.
"Despite a challenging operating environment for banks, we are extremely
proud of our success to date," commented Patrick J. Ward, Chairman and CEO.
"We have built a solid foundation by creating high-quality, mutually
beneficial banking relationships within our market area. Our growth
strategies, which leverage high touch, localized service attributes supported
by our contemporary, fully functional technology platform, will result in long
term value for our local shareholder base."
"Our capital level continues to significantly exceed regulatory guidelines
for well capitalized institutions," added Brian C. Zwaan, President and COO.
"This strong capital position, combined with superior asset quality, will
allow our focus to remain on growing the business. We are excited about our
prospects for the future."
About Penn Liberty Bank
Penn Liberty Bank is a community bank focused on providing personal, high
touch service, combining state of the art technology with highly talented,
customer service oriented employees and a full suite of consumer and business
products and services.
To learn more about Penn Liberty Bank please visit
http://www.pennlibertybank.com.
SOURCE Penn Liberty Bank
Pat Ward of Penn Liberty Bank, +1-610-535-4510
