2023

Leading mutual bank named in Philadelphia Inquirer’s 2023 Top Workplaces list

 PERKASIE, Pa. (April 2023) – Penn Community Bank, the largest mutual bank in eastern Pennsylvania, has once again been named a Top Workplace by the Philadelphia Inquirer. The annual list of Delaware Valley employers recognizes businesses of all sizes and industries based on a variety of factors, including organizational alignment, strategic execution, and employer-employee connection.

“Our team members drive the important work our institution does each day in communities throughout the region. We take pride in our corporate culture and are committed to living out our mission-based brand in everything we do. This recognition highlights the continued impact of that effort,” said Jeane M. Vidoni, president and CEO of Penn Community Bank. “

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Home Opportunity Mortgage supports modest-income homebuyers across the region

 PERKASIE, Pa. (April 2023) – Building upon its 150-year history of helping individuals and families achieve the dream of homeownership, Penn Community Bank today announced its Home Opportunity Mortgage program.

The new Special Purpose Credit Product ensures fair, affordable access to housing from the Lehigh Valley to Philadelphia and everywhere in between, by providing modest-income borrowers – or those purchasing in low- and moderate-income areas – a unique lending option which includes:

• $0 down payment,
• No minimum FICO credit score,
• No Private Mortgage Insurance (PMI),
• Competitive rates
• Reduced closing costs, and
• Access to homebuyer education and grant programs.

“As the largest mutual bank in eastern Pennsylvania, we know what it takes to build strong communities,” said Jeane M. Vidoni, Penn Community Bank President and CEO. “Our new Home Opportunity Mortgage continues our commitment to empowering individuals and families on their homebuying journey and seeks to remove barriers that too often keep homeownership out of reach.”

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Region’s largest community bank names three local leaders to Board

PERKASIE, Pa. (April 2023) – Penn Community Bank, the largest mutual bank in eastern Pennsylvania, is proud to welcome Becky Bradley, AICP, Ram Mohan, and Robert W. Pritchard, JD, CPA to its board of directors.

“We are pleased to welcome Becky, Ram, and Rob to Penn Community Bank’s board,” said Bill Larkin, Chair of the Penn Community Bank Board of Directors. “Each brings a wealth of professional and community experience and will immediately make a positive impact as we work to ensure Penn Community Bank remains the leading independent, mutual bank in the region.”

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To Our Valued Customers and Communities –

Over the past several days, there has been increasing uncertainty about the strength and security of the financial sector stemming from the failures of Silicon Valley Bank in California and Signature Bank in New York. As President and CEO of Penn Community Bank, I wanted to reach out to you directly and reassure you of our institution’s financial strength and stability.

Our Financial Strength

Our mission is to serve individuals, families and businesses for their lifetime. For this reason we adhere to strict business practices, hold superior capital reserves far above regulatory requirements, and possess the liquidity – including over half a billion dollars available from the Federal Home Loan Bank – to withstand disruption. In fact, our institutional strength has consistently earned us a five-star rating by leading bank reviewer and research firm Bauer Financial.

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Jeane M. Vidoni to serve as president of Fed’s Community Depository Institutions Advisory Council (CDIAC)

 PERKASIE, Pa. (March 2023) – Jeane M. Vidoni, president and CEO of Penn Community Bank, the largest mutual bank in eastern Pennsylvania, has been appointed by the Federal Reserve Board of Governors to serve as president of the national Community Depository Institutions Advisory Council (CDIAC).

The national CDIAC advises the board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives of commercial banks, thrift institutions, and credit unions serving on local advisory councils at the 12 Federal Reserve Banks. CDIAC meets twice a year with the Federal Reserve Board in Washington, D.C.

“In challenging economic times like these, it’s critical that local voices are heard at a national level. As community bankers, we are on the front lines of interacting with businesses, families, and communities directly impacted by the Fed’s policymaking process. I’m glad to be able to lend my voice to this discussion and help advocate for community banks and their customers across the nation,” said Vidoni.

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PERKASIE, Pa. (February 2022) –Penn Community Bank, the largest mutual bank in eastern Pennsylvania, announced it has implemented the Lenders Cooperative Loan Origination System (LOS) which is focused on small business and commercial product lending. The LOS platform provides a fully online digital experience for the bank’s customers allowing them to apply for their capital needs anytime, from anywhere. In addition to the enhanced front-end customer experience, the platform will automate many of the bank’s back-office workflow tasks, allowing the team to make decisions and close loans more efficiently and effectively.

“The team at Lenders Cooperative has been a great partner over the years,” said Jake Iampietro, Director of Retail Banking at Penn Community Bank. “We leveraged their LOS platform to provide access to SBA PPP Funding to thousands of our small business customers during COVID and as we transitioned to the new lending products and workflows in the LOS, we have continued to receive positive feedback from our customers relative to their experiences accessing the Platform. The Lenders Cooperative development team has combined both conventional portfolio lending products and Small Business Administration (SBA) lending products in a seamless end to end workflow which allows us to extend more of the needed capital to our customers who are building and growing their businesses across our communities.”

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