Two downtown York branches of PeoplesBank will close when the bank finishes building its new branch on the city’s square, according to the bank’s president.
Larry Miller, president and CEO of the bank and its parent company Codorus Valley Bancorp Inc., said the bank will close the branches at the Yorktowne Hotel at 48 E. Market St. and at the Susquehanna Commerce Center at 221 W. Philadelphia St.
The operations of those facilities will be moved to the bank’s new office — scheduled to open late this year — on the first floor at 1 Market Way West on the city’s square.
Already, there are Susquehanna Bank and S&T Bank branches on the square; PNC Bank recently closed one there. But Miller said in an email that a central location in downtown York provided the bank with its “best solution to solve our space needs.”
“We believe that there is plenty of business to go around,” he said, “but we also believe that as the largest independent community bank still headquartered in York County, we have a unique opportunity and know this market better than anyone else and can respond accordingly.”
In a presentation to investors filed with the Securities and Exchange Commission, the bank also said it is moving its branch at 1400 Baltimore St. in Penn Township just outside of Hanover to a new construction less than a mile south on Baltimore Street.
The current PeoplesBank location, Miller said, is attached to a convenience store and does not allow for expected future expansion. The new site near Simpson Drive will be 1,760 square feet, provide increased visibility, expanded parking, more private offices and other new amenities.
The current office opened in 2001, and the new office is expected to open by the end of the year.
Codorus Valley Bancorp Inc. has about $1.4 billion in deposits and trades its shares on the NASDAQ exchange at CVLY.