April 07, 2017
Allentown will see two new bank branches open. The biggest locally-owned bank in Leigh Valley is attempting to bring interest in its stock.
According to Pennsylvania Department of Banking and Securities said the Lafayette Ambassador Bank would move a city branch along Hamilton St. It said Peoples Security Bank and Trust Co. would open a brand along Tilghman St.
Laura Wakeley is a Lafayette Ambassador spokeswoman. She said the new branch is set to replace the one located about a mile away, as the bank has expanded beyond the space. Wakeley said the bank is set to open in late summer.
Based on the latest information from the Federal Deposit Insurance Corp., Lafayette Ambassador is the subsidiary of Fulton Financial Corp., which has more than 20 branches and about 130 employees. It has about $12. Billion in deposits and ranks fifth in the region for market share.
Peoples Security Bank & Trust is going to take over the Susquehanna Bank branch, which was closed when BB&T Bank attained both Allentown's National Penn Bank and Susquehanna Bank.
Neal D. Koplin, executive vice president for Peoples Security, would not offer any details about the branch, which would be the third Lehigh Valley location. The FDIC reports it has $43 million in bank deposits.
The FNCB Bank said a limited-purpose office is located along Winchester Road in the South Whitehall Township area. The bank said it informed the Banking Department of plans to enter the Leigh Valley market. It will deal with loan-based activity.
There have been other banks that have announced plans to grow including Univest Bank and Trust, New Tripoli Bank.
Embassy Bank has become the area's biggest locally-based bank by deposits. While it's not expanding just yet, it's offering folks the opportunity to buy stock. The bank released an ad that offered financial disclosure information to prospective investors.
Embassy Bank President and CEO Dave Lobach said there has been a lot of interest in the stock.
He said the bank always wants to grow but had no immediate plans to do so. There are currently eight Embassy Bank branches with approximately $776 million in deposits, giving it a number six ranking.