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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‘Mutual Interest’ explores the Power of Authentic Partnerships and provides timely business insights

PERKASIE, Pa. (April 2024) – Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, is proud to announce the release of the second issue of its business magazine: Mutual Interest. Building on the success of its inaugural edition, this issue focuses on the theme of “The Power of Authentic Partnerships” and offers timely economic updates, actionable content from thought leaders, and inspiring customer spotlights.

In this issue, the organization highlights The Martin, an apartment complex in Doylestown financed by Penn Community Bank in partnership with Arcadia Land Company and the HOW Group. This project exemplifies the bank’s commitment to fostering community development through strategic collaborations.

Other key articles in this issue include:

• Preparing businesses for economic uncertainty
• Results from last issue’s business leader survey
• How to protect your business against spoofing
• The benefits of community banks when it comes to credit

“We’re excited to continue providing thought leadership and developing meaningful relationships that drive economic growth in our communities,” said Bernard Tynes, Chief Experience & Impact Officer at Penn Community Bank. “By sharing insights on authentic partnerships and providing practical advice on navigating economic challenges, we aim to empower our business community to thrive in any environment.”

To read the latest edition of Mutual Interest and subscribe for future issues, visit PennCommunityBank.com/Magazine.

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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.

Penn Community Bank President & CEO recognized Most Powerful Women to Watch™ for second consecutive year

NEW YORK CITY (September 2024) – Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, is proud to announce president and CEO Jeane M. Vidoni has once again been named one of the Most Powerful Women to Watch™ by leading financial services magazine American Banker.

Now in its 22nd year, American Banker‘s The Most Powerful Women initiative recognizes individuals and teams for demonstrating exceptional leadership skills, strong business performance and a commitment to driving real outcomes for diversity, equity and inclusion in financial services. As part of that program, The Most Powerful Women to Watch rankings feature influential leaders at the top of banks and financial institutions who are on the upswing in a big way.

“Keep your eyes on these women in the years ahead,” said Chana Schoenberger, Editor-in-Chief of American Banker. “They exemplify modern leadership, with significant contributions to both their businesses and the industry at large. It hasn’t been an easy year for banks and financial institutions, but progress continues — not by chance, but through the determined efforts of these women.”

“Receiving this recognition from American Banker for the second consecutive year is a true honor – especially considering the inspiring female leaders in our industry,” said Vidoni. “The caliber of honorees emphasizes the impact women are making in finance, from local banks to some of the biggest institutions in the world. I’m thrilled to once again have the platform to champion Penn Community Bank’s mission of driving positive change in the communities we serve through relationship- and values-driven financial services.”

This year’s honorees will be recognized at The Most Powerful Women in Banking Gala, held in New York City in next month. The gala is part of a week-long celebration which includes The Most Powerful Women in Banking Conference.

As president and CEO of $2.9B Penn Community Bank, Vidoni leads and inspires its more than 300 team members in serving neighborhoods across Bucks, Montgomery, Lehigh, and Northampton counties, as well as Philadelphia.

Over the course of nearly 40 years in banking, Vidoni served in various executive roles at financial institutions of all sizes throughout the Philadelphia region, gaining insight into the workings of community, regional and corporate banks. As an active leader in the Pennsylvania business and financial community, she donates her time and leadership talents to several industry groups, as chair of the PA Bankers Federal Policy Committee and Pennsylvania Member Director of the Federal Home Loan Bank (FHLB) of Pittsburgh, which supports homeownership programs throughout Delaware, West Virginia, and Pennsylvania. Previously, she served as chair of the Federal Reserve of Philadelphia’s Community Depository Institutions Advisory Council (CDIAC) and was appointed by the Board of Governors of the Federal Reserve System to serve as president of the national CDIAC and offer her insight on banking and lending conditions that affect the economy. Vidoni is committed to living out Penn Community Bank’s values-driven mission by serving her community in various personal and professional capacities, including as a director of the Bucks County Herald Foundation. For her efforts, she has been recognized by media outlets, industry groups, and nonprofit organizations.

A graduate of Muhlenberg College, Jeane holds an MBA from Saint Joseph’s University. She lives in Doylestown, PA.

About American Banker: American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation, and reform. With a banking community 850K strong, American Banker’s transformative content connects leaders online, in person and in print every day.

About Penn Community Bank: Penn Community Bank holds more than $2.9 billion in assets, employs more than 300 people, and offers banking, lending and investments at 20+ bank locations 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.

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