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News & Announcements 

Welcome to Peoples Security Bank & Trust’s Media Center. At Peoples Security Bank & Trust, we believe in the power of establishing deep and transparent two-way connections with our valued customers and stakeholders across the Bank’s footprint, which is why we invite you to discover and access the current news and notices from the Bank. 

 

 Peoples Security Bank & Trust Wins 3 Lehigh Valley Business 2022 Reader Rankings Awards

October 14, 2022

Peoples Security Bank & Trust is pleased to announce that it has won multiple awards within the Finance/Investments & Insurance category as part of the Lehigh Valley Business 2022 Reader Rankings Awards.

Over 24,000 votes were electronically cast, and through those votes, the Bank claimed three top-rated spots within the following sub-categories:

  • Best Bank for Business
  • Best Bank for Personal
  • Best Mortgage Lender

Peoples Security Bank & Trust would like to thank our employees, customers, shareholders and all those who voted. We are honored to be declared winners alongside many exceptional businesses and humbled by the support from a community we consider home.

As a trusted community bank, we invite you to contact us today to learn more about what sets the Peoples Security Bank & Trust experience apart from the rest.

Peoples Security Bank & Trust Announces Plans to Open a New Pittsburgh Area Business Center

July 26, 2022

Peoples Security Bank & Trust Company (“PSBT”) recently held a groundbreaking ceremony to celebrate the future construction of a 6,000 square-foot Pittsburgh Area regional business and retail center located in Warrendale, PA. The new location, along with its experienced team of banking professionals under the leadership of Christopher Savena, represents the Bank’s commitment to the greater Pittsburgh region.

The new Banking Center will be constructed at Warrendale Village Drive, Warrendale, PA 15086 near the current office that opened in the fall of 2021. The new facility will be part of the Warrendale Village Shopping Center.

“Peoples Security Bank & Trust is thrilled to expand our footprint and financial commitment to the Pittsburgh area. The planned opening of this new Regional Corporate Office will allow us to provide our first-class financial products and services throughout the entire region. I am confident that our experienced team of banking professionals will deliver a high quality level of service and professionalism for all current and future customers,” said Thomas P. Tulaney, President and Chief Operating Officer, following the groundbreaking event. “The Bank is fully equipped to manage the many needs of our expanding customer base. These services will range from complex commercial loans to traditional residential mortgages and from personal checking accounts to intricate cash management services.”

Those who attended the groundbreaking included PSBT’s strategic partners in construction, Marshall Township officials, clients, and local business leaders.

The initiative to expand the PSBT customer base in the western Pennsylvania region will be spearheaded by Christopher Savena, Senior Vice President - Pittsburgh Market President. “We believe our core values and relationship-based banking philosophy meet the personal and business banking needs of Pittsburghers,” said Savena. “With our new location, we will continue our support of commercial and small business enterprises, as well as the families who call Pittsburgh home.”

Service center completion is slated for January 2023. The two-story building will feature a full service ground floor operation and commercial banking offices on the second floor. Exterior access includes a traditional drive-through and an ATM.

The attractive and colorful design of the building will include a multitude of windows – many floor-to-ceiling – that add to an overall unique architectural aesthetic.

 Peoples Security Bank & Trust Receives 5-star Rating

June 1, 2022

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm. BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in June 2022 based on March 31, 2022, financial data. Peoples Security Bank & Trust has received this award for the past 33 consecutive quarters.

Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Security Bank & Trust Company Announces Grand Opening of Its First New Jersey Business Center, Deepening Its Commitment to Tri-State Area Organic Growth

March 31, 2022

Peoples Security Bank & Trust Company (“PSBT”), is pleased to announce the official opening of its first business center in New Jersey, located at 444 Hoes Lane/Suite 301/Piscataway, NJ 08854. PSBT is one of the lone Pennsylvania-headquartered community banks to make a large-scale commitment in servicing the state’s small business owners.

Located in the heart of Middlesex County, PSBT will offer an array of commercial and retail loan options for new and existing customers. In comparison to its competitors, the Bank’s services will not be limited to customers in the immediate area, but rather extend throughout the entire state. Its establishment also represents a pivotal move for PSBT regarding its strategic organic growth plans to network outside of its Pennsylvania and New York-based geographic roots.

"Peoples Security Bank & Trust is excited to expand our full-service operations to New Jersey. Customers deserve to have a reputable and reliable financial institution like Peoples Security Bank & Trust that harmoniously unifies banking and business, and experienced banking professionals who are capable of enhancing our evolving services," shared Neal Koplin, Senior Executive Vice President - Chief Banking Officer. "From complex commercial loans to home mortgages, the Bank is equipped to manage the unique needs of our expanding customer base.”

In addition to the previous executive appointments of John J. Pagano, Senior Vice President, New Jersey Market Manager and Thomas G. Guinan, Senior Vice President, Senior Commercial Lender this past fall, PSBT is also excited to announce additional highly experienced hires to support the Bank’s ongoing operations. Those individuals include Steve DeLuise, Senior Vice President, Senior Commercial Lender; Rhea Alimchandani, Assistant Vice President, Branch Manager; Brenda Rios, Commercial Loan Services Manager; Janina Repetto, Portfolio Manager; and Patti Henne, Portfolio Manager. As the Business Center continues to grow, the Bank is planning to hire more personnel throughout the year.

As the latest business center to open in the Bank’s history, its hours of operation are from Monday-Friday, 8:30 a.m.-4:30 p.m. For customers wishing to schedule a virtual or in-person meeting with a team member, visit the following page for their specific contact information.

 Peoples Security Bank & Trust Receives 5-star Rating

March 28, 2022

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm. BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in March 2022 based on December 31, 2021 financial data. Peoples Security Bank & Trust has received this award for the past 32 consecutive quarters.

Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Financial Services Corp., the holding company for Peoples Security Bank & Trust Company, announces new board member

March 22, 2022

On March 4, 2022, Peoples Financial Services Corp., the holding company for Peoples Security Bank and Trust Company, is pleased to announce the appointment of Elisa (Lisa) Zúñiga Ramirez to its Board of Directors. As a result of Ms. Ramirez’s appointment, the Board of Directors was increased from seven members to eight members.

Ms. Ramirez brings more than 30 years of executive-level experience in institutional investing and capital markets with a proven track record of value creation. Until her retirement in 2020, she was Senior Portfolio Manager and Principal at Segal Bryant and Hamill, an employee-owned money manager with more than $25 billion in assets under management. Prior to this, she was Senior Portfolio Manager and Partner at Denver Investments LLC, which was acquired by Segal Bryant and Hamill in 2018. Currently, Ms. Ramirez is the President of Éxito Consulting, LLC, which advises boards, companies and individuals on corporate strategy, ESG and financial matters.

Lisa is currently a corporate director for Bow River Capital, a $1.6 billion private equity firm and the Denver Employees Retirement Plan, a $2.7 billion public retirement system serving the city of Denver employees and retirees. She is also a director on these non-profits: National Association of Corporate Directors (NACD) Colorado Chapter; The Denver Foundation; Vuela for Health; and Latinas First Foundation, a scholarship and mentorship program supportive of Colorado Latinas.

Ms. Ramirez earned her BSBA from the University of Colorado at Denver and an MBA from Regis University, Denver, CO. She’s a 2021 graduate of Boardbound by Women’s Leadership Foundation, a Chartered Financial Analyst and holds the SASB FSA credential. She’s also an avid supporter of organizations that empower women and stimulate equality and representation in the workplace, as well as foster professional leadership development, including: The Athena Alliance; Latino Corporate Directors Association; Women Corporate Directors; NACD; and Extraordinary Women on Boards (EWOB).

Ms. Ramirez commented, “I am excited to be joining the board of such a strong and well-run bank, and look forward to bringing a unique outside perspective to drive stakeholder value. I’m impressed by our bank, our leadership and I feel there is an incredible story to tell. I look forward to bringing my 30 years of investment experience to the table and collaborating with our other impressive and experienced board members.”

Regarding Ms. Ramirez’s appointment, William Aubrey, Chairman of Peoples Financial Services Corp.’s board stated, “We are excited to have a person of Lisa’s qualifications and experience join our board. Her capital market experience in analyzing hundreds of small cap companies allows her to bring a long history of value creation to our board. I look forward to working with her to improve shareholder’s value.”

Lisa resides in Denver, Colorado with her husband, Ron, and their twin boys, Román and Mason.

 Peoples Security Bank & Trust Receives 5-star Rating

December 7, 2021

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm. BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in December 2021 based on September 30, 2021, financial data. Peoples Security Bank & Trust has received this award for the past 31 consecutive quarters.

Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Security Bank & Trust Receives 5-star Rating

September 7, 2021

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm. BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in September 2021 based on June 30, 2021, financial data. Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Security Bank & Trust Receives 5-star Rating

June 5, 2021

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm. BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in June 2021 based on March 31, 2021, financial data. Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Security Bank & Trust Company Announces New Hires to Commercial Lending Division at Doylestown Office

May 17, 2021

Peoples Security Bank & Trust Company (“PSBT”) is pleased to announce the following appointments to the Commercial Lending Division at the Doylestown branch, which recently opened for business on April 5, 2021.

Charles F. “Rick” Miller, Senior Vice President, Team Leader

Miller joins the Commercial Lending Team with over 34 years of banking experience specifically in middle-market, asset based and business banking within the commercial & industrial sector, as well as investment real estate, construction and development, residential/consumer and private banking. The designated team leader of the Doylestown office, Miller’s responsibilities include building and developing a significant Commercial Lending portfolio in the region and throughout the Bank’s footprint in the Commonwealth of Pennsylvania.

Prior to his appointment at Peoples Security Bank & Trust Company, Miller had several roles at Penn Community Bank in Perkasie, PA, including head of its Commercial & Industrial Lending Group as well as Senior Vice President and Senior Relationship Manager. Previously, he was an Executive Vice President and Chief Lending Officer at First Savings Bank of Perkasie in Perkasie, PA and at St. Edmond’s Federal Savings Bank in Philadelphia, PA, at which he was also the Chief Credit Officer during his tenure. Prior to that, Miller retained a variety of executive management responsibilities related to commercial lending activities at Founders’ Bank, Equity Bank and Susquehanna Patriot Bank, all of which were wholly owned subsidiaries of Susquehanna Bancshares.

Miller earned a Bachelor of Arts degree in Economics from Hampden-Sydney College. He previously served on the Finance Committee at St. Thomas Church Whitemarsh in Fort Washington, PA. Miller is a resident of Blue Ball, PA.

Kenneth L. Keller, Vice President, Commercial Loan Officer

Keller joins the Commercial Lending Team with over three decades of experience in commercial, corporate, small business, private banking and retail lending. Throughout the duration of his career, Keller has also been responsible for overseeing the growth and driving retention with portfolio management amongst a broad range of clientele based in Bucks and Montgomery counties, all primary responsibilities in his new position.

Prior to his hiring at Peoples Security Bank & Trust Company, Keller was most recently named Senior Vice President, Commercial Team Leader at OceanFirst Bank in Doylestown, PA. Previously, he was a Senior Vice President, Commercial Team Leader at BB&T in Doylestown, PA. His work experience has also included holding leadership roles at Univest Bank in Doylestown, PA.

Keller earned a Bachelor of Arts degree in Business Administration from the former Delaware Valley College (now Delaware Valley University). A local philanthropic leader, Keller is currently a board member for the Bucks County Community College Foundation, and until June 2020 when his term expired, served as Chairman of the Board. Additionally, he is involved with the Generations of Indian Valley $1 million Capital Campaign, a non-profit community center for adults aged 55+ located in Souderton, PA. Keller is a resident of Chalfont, PA.

“With the recent opening of our new Doylestown branch, we are thrilled to welcome Rick and Ken to Peoples Security Bank & Trust Company as veteran, accomplished leaders in the Commercial Lending business who will pave the way to serve both our new and existing customers to the fullest extent, especially during these uncertain times,” stated Ian Matlack, Senior Vice President, Greater Delaware Valley. “Professionals of their caliber, experience, and know-how are difficult to come by, and we are confident that they will be remarkable assets to both the Bank and the larger community.”

Daniel Maney, Vice President, Commercial Services Officer

Maney joins the Peoples Security Bank & Trust Commercial Lending team with over 30 years of experience in the financial services industry. Throughout the course of his career, Maney has played an integral role in contributing to customized solutions within the Treasury Management and Deposit arenas on behalf of various sized businesses and nonprofit entities.

Maney received his B.A. in Liberal Arts from the University of Pittsburgh. In his spare time, he volunteers with community outreach efforts at the Salvation Army Kroc Center in Camden, NJ. In addition, he organizes service projects and social activities geared towards high school students at St. Andrew the Apostle Parish in Gibbsboro, NJ.

Madiha Rehmani, Branch Manager

Rehmani joins the Peoples Security Bank & Trust team with equivalent experience in the industry. Rehmani began her banking career as a Customer Service Representative at Penn Community Bank in New Britain, PA, ascending to the role of Customer Service Supervisor after two years of service. Before accepting her current position at the Bank, Rehmani served as a Senior Mortgage Servicing Professional within the Collections Department at Cenlar FSB in Ewing, New Jersey.

Currently pursuing her Associate’s degree in Business Administration from Bucks County Community College, Rehmani is certifiably licensed by the Nationwide Mortgage Licensing System (“NMLS”).

The Doylestown office, located at 325 South Main Street/Doylestown, PA 18901, opened its doors as a Loan Production office in the first quarter of 2020. Miller and Keller have been serving the Commercial Lending, PPP Loan disbursement, and Deposit needs of this market since its inception. As Vice President of Commercial Services Officer, Maney oversees the Greater Delaware Valley and the Bank’s entire footprint with customized solutions within the Treasury Management and Deposit arenas. As the appointed Branch Manager, Rehmani administers full-service operations to new and existing customers. For customers wishing to schedule a virtual or in-person meeting with a team member, visit the following page for their specific contact information.

 Peoples Security Bank & Trust Company Funds $119 Million During Second Draw of PPP Loan Disbursement

May 13, 2021

Peoples Security Bank & Trust Company (“PSBT”) is pleased to announce that over the course of the second re-opening of the Paycheck Protection Program (PPP), the Bank secured $119 million in loans from the U.S. Small Business Administration (SBA) on behalf of small business owners throughout the Bank’s geographic market presence.

Since the SBA--in conjunction with the Department of Treasury--opened up access to the portal system for Second Draw PPP Loan applications on January 13, 2021, PSBT processed 991 loans for new and existing borrowers who met the eligibility requirements as outlined by the amended Economic Aid Act. By March 31, 2021, $119 million in forgivable loans were issued to customers who had applied as part of the Bank’s ongoing lending activity during the COVID-19 pandemic. The average loan requested was approximately $150,000 or less.

“Peoples Security Bank & Trust’s primary focus has always been as an active participant in building strong, thriving communities, the backbone of which is the vitality of small businesses. As a trusted community financial institution, we remain committed to supporting local business owners--and keeping their dreams alive---during this unprecedented time in our history by providing responsive financial services to those affected by this ongoing crisis,” noted Neal Koplin, Senior Executive Vice President, and Chief Banking Officer.

The terms, conditions, and requirements for the latest wave of PPP Loans slightly altered from the initial distribution last year. Amongst the changes included the reduction in the number of employees (300), the maximum loan amount that could be requested ($2 million), a revenue reduction of 25% or greater in 2020 relative to 2019, and a 3.5% increase to the average monthly payroll for the hospitality industry specifically, thereby allowing those employed within the category to receive significantly more funding to cover payroll and rent expenses.

In 2020, PSBT reported disbursement of $216 million in credit to 1,340 qualified applicants during each phase of the PPP Loans roll-out program enacted by the federal government. The program has been extended by Congress until May 31, 2021. The Bank will continue to seek applications from individuals who meet all specified eligibility requirements until the deadline.

 Peoples Security Bank & Trust Company Donates Over $38,000 to Local Food Banks and Meals to Frontline Workers Amid Continuing COVID-19 Pandemic

May 13, 2021

As the COVID-19 pandemic continues to influence every aspect of society, Peoples Security Bank & Trust Company (“PSBT”) is proud to announce that throughout the month of March, it donated $38,000 to food banks aiding local communities, as well as supplying frontline hospital workers with meals from area restaurants.

The donation, which highlights PSBT’s resolute commitment throughout the duration of the coronavirus outbreak to serve and support communities where the Bank has a physical presence, arrives at a time where food insecurity remains a troubling issue in America. With demonstrated evidence of how crucial food assistance is as the pandemic rages on, PSBT distributed funding to food banks and outreach programs in eleven different counties, including Broome, Bucks, Lackawanna, Lebanon, Luzerne, Lehigh, Northampton, Monroe, Montgomery, Susquehanna, and Wyoming.

“Although we’ve reached the one-year anniversary mark since the global pandemic upended the world, its physical, economic, and psychological impacts continue to take a significant toll on communities worldwide. For those individuals and families who are struggling wondering where their next meal is coming from, or for our irrepressible hospital workers who display inspiring acts of bravery while under strain every day, they can count on Peoples Security Bank & Trust as a faithful community partner who will support them on the path towards better days ahead,” remarked Neal Koplin, Senior Executive Vice President, and Chief Banking Officer.

In addition to urgently assisting communities in need throughout the Commonwealth of Pennsylvania and New York, the Bank also coordinated the delivery of 1,700 lunch and dinner meals from privately owned restaurants to area hospitals, including Commonwealth Health Regional Hospital, Commonwealth Health Moses Taylor, Lehigh Valley Health Network, Endless Mountains Health Systems, St. Luke’s University Health Network, Commonwealth Health Tyler Memorial Hospital, Doylestown Health/Doylestown Hospital, Barnes Kasson Hospital, Geisinger CMC, WellSpan Good Samaritan Hospital Foundation, UHS Wilson Medical Center, Luzerne County Commonwealth Health - First Hospital, and Bryn Mawr Hospital.

In 2020, the Bank supplied $47,000 worth of charitable donations to various food banks, non-profit organizations, and essential frontline workers.

 Peoples Security Bank & Trust Company Funds $119 Million During Second Draw of PPP Loan Disbursement

May 13, 2021

Peoples Security Bank & Trust Company (“PSBT”) is pleased to announce that over the course of the second re-opening of the Paycheck Protection Program (PPP), the Bank secured $119 million in loans from the U.S. Small Business Administration (SBA) on behalf of small business owners throughout the Bank’s geographic market presence.

Since the SBA--in conjunction with the Department of Treasury--opened up access to the portal system for Second Draw PPP Loan applications on January 13, 2021, PSBT processed 991 loans for new and existing borrowers who met the eligibility requirements as outlined by the amended Economic Aid Act. By March 31, 2021, $119 million in forgivable loans were issued to customers who had applied as part of the Bank’s ongoing lending activity during the COVID-19 pandemic. The average loan requested was approximately $150,000 or less.

“Peoples Security Bank & Trust’s primary focus has always been as an active participant in building strong, thriving communities, the backbone of which is the vitality of small businesses. As a trusted community financial institution, we remain committed to supporting local business owners--and keeping their dreams alive---during this unprecedented time in our history by providing responsive financial services to those affected by this ongoing crisis,” noted Neal Koplin, Senior Executive Vice President, and Chief Banking Officer.

The terms, conditions, and requirements for the latest wave of PPP Loans slightly altered from the initial distribution last year. Amongst the changes included the reduction in the number of employees (300), the maximum loan amount that could be requested ($2 million), a revenue reduction of 25% or greater in 2020 relative to 2019, and a 3.5% increase to the average monthly payroll for the hospitality industry specifically, thereby allowing those employed within the category to receive significantly more funding to cover payroll and rent expenses.

In 2020, PSBT reported disbursement of $216 million in credit to 1,340 qualified applicants during each phase of the PPP Loans roll-out program enacted by the federal government. The program has been extended by Congress until May 31, 2021. The Bank will continue to seek applications from individuals who meet all specified eligibility requirements until the deadline.

 Peoples Security Bank & Trust Receives 5-star Rating

March 2, 2021

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm. BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in March 2021 based on December 31, 2020 financial data. Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Security Bank & Trust Receives 5-star Rating

December 1, 2020

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm.  BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in December 2020 based on September 30, 2020 financial data. Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Security Bank & Trust Receives 5-star Rating

September 18, 2020

Peoples Security Bank and Trust Company recently received a 5-Star Superior Rating from BauerFinancial, Inc., the nations’ leading independent bank and credit union rating and research firm.  BauerFinancial has been reporting on and analyzing the performance of United States Banks and Credit Unions since 1983. Fewer than 10% of the Nation’s banks can claim this distinction.

The 5-Star Superior Rating was awarded in September 2020 based on June 30, 2020 financial data. Call BauerFinancial, Inc. in Coral Gables, FL at 1-800-388-6686 or visit www.bauerfinancial.com for more information.

 Peoples Security Bank Provides Relief and Support to Frontline Workers and Communities Afflicted by COVID-19 Crisis

May 20, 2020

Peoples Security Bank & Trust Company (“PSBT”), has pledged over $40,000 to support healthcare workers and regional communities grappling with the impact of the COVID-19 pandemic. This specialized program enacted by PSBT has focused on providing goodwill aid specifically to the healthcare workforce, as well as donations to address food stability to vulnerable, at-risk populations.

Peoples Security Bank has donated over 1,200 meals from area restaurants, many of which are current customers of the bank, to ten hospitals across the Commonwealth. Approximately 120 frontline providers from each hospital - expanding its reach from Bucks County to Susquehanna County - received a lunch or dinner, complimented by a special message of encouragement and appreciation for their selflessness and commitment to their patients. COVID-19 has disrupted the global stage and its players in innumerable ways, leaving many individuals, families, and businesses facing unanticipated and devastating obstacles in its wake. “At Peoples Security Bank, our primary concern has and will continue to be taking immediate, actionable steps to unwaveringly support our customers, our communities, and our heroic healthcare workers and first responders who have risen to the occasion for all they have done to keep us healthy and protected,” stated Neal Koplin, Senior Executive Vice President and Chief Banking Officer.

In addition to the delivery of meals to frontline workers and a recent $10,000 donation to the Greater Easton Development Partnership, charitable monetary gifts totaling more than $15,000 were disbursed to twelve food banks in need in our area.

To honor their continued service and sacrifices amid the global health threat facing the nation, Peoples Security Bank has also installed banners on the side of its Central City Scranton branch in Scranton, as well as the Emrick Boulevard Regional Office in Bethlehem, to thank the healthcare community for its ongoing efforts.

 Peoples Security Bank & Trust is funding over $175 Million to Local Businesses as part of the CARES Act Paycheck Protection Loan Program

April 20, 2020

Peoples Security Bank & Trust Company (“PSBT”) has taken proactive measures to approve customer applications for the Paycheck Protection Program (“PPP”), a program enacted by the Federal Government in response to the economic crisis triggered by COVID-19. To date, Peoples Security Bank has processed more than $175 million to over 800 small business entities within our local communities. These loans will help to retain thousands of jobs for hard working individuals and to help support their families during this difficult time period.

Since the program was launched on April 3rd, PSBT’s commercial lending division has fielded thousands of calls from small business customers who have requested PPP loans to support and sustain their business operations. Led by Senior Executive Vice President / Chief Operating Officer Thomas P. Tulaney, an initial group of 45 employees were assigned to specific roles in the creation of a specialized team to handle the challenges associated with the rollout of the PPP loan program. Our team addressed customer questions and concerns regarding rules, regulation, and eligibility requirements; navigating the SBA portal and online system; and developing a streamlined process to manage the heavy influx of incoming applications for immediate processing. The Bank designed a solutions-oriented approach to barriers that overwhelmed both large banking institutions and community banks since the SBA and U.S. Treasury Department established the financial relief program. This process coupled with an unwavering commitment from its entire Commercial Lending and Credit Administration Teams allowed the Bank to start closing loans and disbursing proceeds to these small business customers in a timely and efficient manner.

“Small Businesses are the backbone of our economy and account for approximately 50% of all private sector jobs. More importantly, small businesses provide character to our communities and strengthen partnerships between residents, community leaders and other public and private sector organizations. As a 115-year-old community bank, our immediate focus has been to provide high quality service and innovative products to our small business partners. Peoples Security Bank is proud to support our local small business customers with the CARES Act PPP Loan Program during this very difficult time period,” stated Mr. Tulaney.

The Paycheck Protection Program is a $349 billion program considered a forgivable loan intended to pay for eight weeks of a business’s payroll costs, thereby allowing companies to keep workers on staff or hire back those who have been laid off in recent weeks. According to the U.S. Department of the Treasury, businesses and nonprofit organizations with fewer than 500 workers are eligible for aid, including sole proprietorships and independent contractors. PSBT customers based in Pennsylvania and New York who are interested in learning more information about this loan program should contact any of our branch offices or commercial loan officers.