2024

WILLOW GROVE, PA (November 2024) – Penn Community Bank, the largest mutual bank in eastern Pennsylvania, has awarded a $25,000 grant to Willow Grove Community Development Corporation (WGCDC) to support the expansion of affordable housing options in eastern Montgomery County through their Bridging the Gap Program.

The grant will help WGCDC continue its mission of providing quality, affordable rental housing to families across five suburban municipalities. The organization has already added four new properties to its portfolio—three in Upper Moreland Township and one in Ambler—bringing their total to 62 affordable rental units. With continued support, they’ll reach their goal of 65 units.

“Access to affordable housing is about more than just putting roofs over heads – it’s about creating pathways to economic growth and community stability,” said Bernard Tynes, Chief Experience & Impact Officer at Penn Community Bank. “Through WGCDC’s innovative approach of maintaining affordable rents in opportunity-rich neighborhoods, families can invest in their futures through education, healthcare, and financial growth. This is what we mean when we talk about investing in impact – creating a ripple effect that strengthens entire communities.”

“Thank you very much! On behalf of the Willow Grove Community Development Corporation, we thank the Penn Community Bank Foundation for your very generous contribution and support of our mission and the work we do,” said Jerome Mitchell, Executive Director of Willow Grove Community Development Corporation. “We are delighted to receive your support and look forward to working with you to accomplish our goals. Again, thank you for your commitment and the great work you all continue to do at Penn Community Bank.”

Beyond housing, WGCDC provides vital community services through their Volunteer Income Tax Assistance (VITA) program. Operating in partnership with Temple University Ambler and the Internal Revenue Service, WGCDC helps up to 500 low-to-moderate income residents annually complete their tax returns free of charge.

The organization serves approximately 1,000 beneficiaries annually across eastern Montgomery County. In neighborhoods where over 15% of residents face poverty, these comprehensive services create essential pathways to economic stability.

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About Penn Community Bank: Penn Community Bank holds more than $2.9 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout southeastern Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.

Boyle joins Keystone Opportunity Center; Bank contributes $11,000 to MontCo needs

SOUDERTON, Pa (October 2024) – Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, is proud to deepen its relationship with Keystone Opportunity Center with the addition of Kelly Boyle – Manager of Corporate Social Responsibility & Government Affairs to the organization’s board of directors. In 2024, the bank has contributed $11,000 in funding and dozens of volunteer hours to support the organization’s critical food security, housing assistance, and adult education programs.

“Joining the board of Keystone Opportunity Center is a natural extension of Penn Community Bank’s commitment to the communities we serve,” said Boyle. “The work Keystone does in Montgomery County aligns perfectly with our values of fostering financial empowerment and developing thriving communities. We’re excited to contribute not just financially, but also through expanded engagement and team member involvement.”

“Our partnership with Penn Community Bank helps us expand our reach and deepen our impact in addressing critical needs in our community,” said Brandon Trombetta, MSW, Executive Director of Keystone Opportunity Center. “Having Kelly on our team – in addition to the generous support from the bank – bolsters our capacity and powers positive change for thousands of Montgomery County residents.”

Keystone Opportunity Center seeks to fight housing insecurity and provide safe, affordable housing while combating food insecurity and offering educational opportunities for adults. In 2023, the organization distributed over 486,000 pounds of food, providing housing for 128 individuals, and educating 554 students across Montgomery County. Notably, the Food Pantry saw a 25% increase in distribution compared to the previous year. Through Community Case Management, Keystone provided over $17,000 in direct financial assistance and offered thousands of support contacts, many through their Bi-Lingual Community Assistance Coordinator. The organization’s impact was further amplified by dedicated volunteers who contributed nearly 9,000 hours to support Keystone’s mission of fostering self-sufficiency and improving lives in the community.

Earlier this year, Penn Community Bank teamed with Keystone Opportunity Center as part of its third annual Day of Service. Learn more penncommunitybank.com/dayofservice/

About Penn Community Bank: Penn Community Bank holds more than $2.7 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.

Public-Private Partnership Celebrate 39 More Turn the Key Homes in Grays Ferry

PHILADELPHIA, Pa (October 2024) – Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, proudly joined Philadelphia Mayor Cherelle Parker, City Council President Kenyatta Johnson, and regional developers Tuesday, October 15 to celebrate 39 new affordable homes as part of the public-private Turn the Key (TTK) affordable luxury homebuilding initiative.

“Penn Community Bank is proud to be a key partner in the Turn the Key initiative, which is transforming lives and communities across Philadelphia,” said Lewis Cyr, Chief Lending Officer at Penn Community Bank. “As a mutual bank, our mission is to foster economic growth and stability in the communities we serve. Through our Home Opportunity Mortgage program and construction loans, we’re helping to make the dream of homeownership a reality for hardworking Philadelphians. We’re committed to continuing our support for innovative programs like Turn the Key that create lasting positive impact in our region.”

Turn the Key is a Philadelphia Housing Development Corporation (PHDC) and City of Philadelphia initiative connecting income-qualified first-time homebuyers into new construction homes by lowering the cost of homeownership dramatically. The Philadelphia Land Bank’s two-pronged strategy is to contribute publicly owned land from its inventory as sites for the new construction to decrease building costs, and then providing up to $75,000 to buyers as a mortgage buydown and up to $10,000 downpayment or settlement assistance. The homes are being built in Brewerytown, Grays Ferry, Ludlow, East Kensington, Port Richmond, Sharswood/ Blumberg, Wharton, South Philadelphia, and West Poplar by private developers selected through an RFP process. Penn Community Bank has supported this initiative with its Home Opportunity Mortgage program and construction loans.

“On behalf of staffs of PHDC and the Philadelphia Land Bank, we are proud to be the partner for this initiative with the Parker Administration and City Council,” said David Thomas, CEO of PHDC. “Turn the Key makes homeownership dreams a reality for residents that work hard each day, and never thought they would be homeowners. It is truly a rewarding program to be a part of.”

“This is by far, the best program in the entire country for affordable housing homeownership,” said Mo Rushdy, Managing Partner of the The Riverwards Group. “With average buyer making $22 an hour, this program has opened opportunities for so many Philadelphians to be able to live in a quality new single-family home at sub-$1,200 per month. No program offers $75,000 in a non-payable second mortgage, that later on, becomes forgivable, the way the Turn The Key program does. Riverwards Group is proud to be a major participant in this successful program.”

Turn the Key Stats:

• TTK Average Monthly Payment For 3-Bedroom Home: $1,353 (average cost of rent in Philly for a 2-bedroom apartment is $1800)
• TTK Homebuyer Average Annual Income: $45,000
• Average TTK Homebuyer Credit Score: 600
• Average TTK Homebuyer is at 57% of Area Median Income (AMI)
• Average Hours of Free Housing Counseling provided to Set TTK Homebuyers up for success: 8
• Average Sales Price of Home in Philly: Over $300,000
• Average TTK Home Price BEFORE grants and buydowns: $280,000
• Average TTK FINAL Home Price AFTER grants and buydowns: $183,499

Income and eligibility requirements for homebuyers, program details and definitions, and the TTK application can be found on the Turn the Key webpage.

About Penn Community Bank: Penn Community Bank holds more than $2.7 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.

(L-R: Cheri Freeh, Penn Community Bank Board of Directors; Steve Murphy, Chief Banking Officer; Bernard Tynes, Chief Experience & Impact Officer;

Paige Nicolas, Vice President of Major Events – Greater Lehigh Valley Chamber; Jeane M. Vidoni, President & CEO; Jake Iampietro, Director of Retail Banking;

Charles Field, Chief Financial Officer; Kelly Finch Mobley, Penn Community Bank Board of Directors)

BETHLEHEM, Pa (October 2024) – Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, celebrated the grand opening of its second Lehigh Valley location today with a ribbon-cutting ceremony in Bethlehem. The new financial center, located at 2285 Schoenersville Rd, Bethlehem, PA 18109), marks another milestone in the bank’s organic expansion into the region.

“This new financial center represents our continued commitment to serving the thriving Lehigh Valley community,” said Jeane Vidoni, President and CEO of Penn Community Bank. “We’re excited to bring our personalized approach to banking and our dedication to community growth to even more residents and businesses in the area.”

The state-of-the-art facility offers a full range of personal and business banking services, featuring modern amenities and a team of experienced financial professionals. For more information about Penn Community Bank and its services, visit PennCommunityBank.com/Bethlehem.

About Penn Community Bank: Penn Community Bank holds more than $2.7 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.

LIFT United supports improvements in financial literacy, credit scores, workforce stability among ALICE population

PERKASIE, Pa (October 2024) – Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, is renewing its partnership with United Way of Bucks County, the County of Bucks, and Credit Counseling Center for the highly successful LIFT United program. Launched in 2022, the financial stability initiative has demonstrated remarkable success in helping eligible residents increase their financial literacy, improve their credit scores, and secure low interest used car loans.

LIFT United, which stands for “Learn to Invest in Your Future and Thrive,” is designed to support ALICE (Asset Limited, Income-Constrained, Employed) households in Bucks County. Credit Counseling Center offers free financial literacy courses and one-on-one budget coaching for program participants. Successful participants receive a down payment match of up to $1,000 and a low-interest car loan secured by United Way. All loans are offered by Penn Community Bank.

“We’re thrilled to continue our commitment to LIFT United,” said Bernard Tynes, Chief Experience & Impact Officer at Penn Community Bank. “Over the past two years, we’ve seen tangible, life-changing results for working families in our community. With 71 1-on-1 counseling sessions, 87 educational modules completed, and 10 loans secured the program’s success in improving financial stability and workforce participation underscores the critical need for initiatives like LIFT United.”

The program’s impact extends beyond just providing loans. Graduates who complete the full financial empowerment curriculum have seen their credit scores increase by an average of 67 points. Moreover, LIFT United graduates report missing zero days of work due to transportation issues up to nine months after receiving assistance in securing a low-interest car loan.

“We are seeing incredible results with LIFT United: 100% of folks who complete the program improve their credit score and their financial stability. Longer term, they are remaining stably employed – reporting no missed work after securing their vehicle. We are so grateful for Penn Community Bank’s help, support, and wise counsel,” said Marissa Christie, President and CEO at United Way of Bucks County. “Through this program, Penn Community Bank is providing a financial resource to our Asset Limited, Income Constrained, Employed (ALICE) neighbors – and we are seeing them thrive.”

The collaborative approach of LIFT United combines financial education with practical assistance, and has led to significant improvements in participants’ lives. Some graduates report increases in savings and income after securing better employment with the help of an affordable and reliable vehicle.

“This program did far more than help me with a vehicle. What was really important to me was all the knowledge I received along the way,” said Ryan, a LIFT United Graduate.

All applicants to LIFT United must be referred by United Way’s Member Agencies. For eligibility requirements and more information, contact patricko@uwbucks.org or visit uwbucks.org/LIFTUnited.

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About United Way of Bucks County: Since 1952, UW Bucks has been improving lives in Bucks County by uniting donors, advocates, and volunteers around the common good. United Way programs focus on the building blocks for a good life: a quality education, a stable income, and good health. For more information, call 215.949.1660 or visit www.uwbucks.org.

About Penn Community Bank: Penn Community Bank holds more than $2.9 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout southeastern Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.

October is National Cybersecurity Awareness Month

Harrisburg, PA — Treasurer Stacy Garrity, PA Bankers Association President & CEO Duncan Campbell, and Richard Cimakasky, Penn Community Bank Fraud & Security Officer and former FBI Special Agent, teamed up at a press conference Tuesday to kick off Cybersecurity Awareness Month, warning Pennsylvanians about the dangers of cybersecurity fraud and offering advice on how to make sure their personal information is safe.

“As the primary financial institution of the Commonwealth, Treasury is a major target for cyber criminals – and we have a special obligation to secure the Commonwealth’s financial information against cyber threats,” Treasurer Garrity said. “Cybersecurity is a shared responsibility, and we work closely with other state agencies, outside business partners, and cybersecurity specialists to constantly strengthen our defenses. We also collaborate with local governments to share our experience and advice. I hope Pennsylvanians will take some time this month to make sure they’re secure from bad actors looking to steal their personal information.”

“The financial services industry is the gold standard of cybersecurity. Banks have the highest level of security among critical U.S. industries and the most stringent regulatory requirements,” Campbell said. “By working together with your bank, utilizing tools from the Treasury and other consumer agencies, and keeping an eye on your financial information, you can protect your bank account and maintain your financial well-being.”

“Financial institutions play a pivotal role as advocates and resources in this fight against fraud and cybercrime,” Cimakasky said. “Our commitment to safeguarding customers’ financial well-being extends far beyond traditional banking services. We stand at the forefront of cyber defense, leveraging advanced technology and industry expertise to protect our communities’ hard-earned assets.”

The Pennsylvania Treasury Department processes about 25 million payments each year, making cybersecurity a top priority of the department. Working with strategic cybersecurity partners, such as the National Guard and Carnegie Mellon University, Treasury stays ahead of threats and undergoes weekly cyber security scans, on both internal and external networks, to identify and remediate any potential vulnerabilities.

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