F&M Trust is pulling the plug on a planned branch in Cumberland County – at least for now.
The Chambersburg-based bank started taking steps in 2012 to build a full-service location at 711 Centerville Road in Penn Township, said Tim Henry, F&M’s president and CEO.
Although the bank won regulatory approval for the branch, it has since opted to focus its energy elsewhere.
“Things change along the way, and right now that’s the immediate direction for us to take,” Henry said, noting F&M already has a branch three miles from the nixed location.
F&M withdrew its application from the Department of Banking this week but could re-apply if it decides to pursue the branch again in the future. It is also maintaining the right to build on the property.
Henry, who joined the bank in February, and former F&M CEO William Snell identified Cumberland County as an area for potential business growth during an investors’ meeting earlier this year. The bank started expanding into Carlisle in 2006 then moved into the West Shore area in 2011.
Another Cumberland County branch in South Middleton Township is set to undergo renovations this spring, Henry said. The bank will remain open during construction, which should be completed by June.
F&M Trust has 22 locations in Franklin, Cumberland, Fulton and Huntingdon counties. Its holding company, Franklin Financial Services Corp., has about $1 billion in assets.