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PeoplesBank hopes to fill void left by two PNC branch closures
Jennifer Wentz//October 25, 2016
That ended Oct. 21 when PNC closed its branches at the two locations. But, if all goes well, both communities will have a place to make deposits and consult with tellers again by early next year.
PeoplesBank has filed for approval to open locations at the former PNC sites at Landis Homes in Manheim Township and Woodcrest Villa in East Hempfield Township, according to legal notices advertised in LNP.
The move represents an opportunity for the York County-based bank, which has looked to strengthen its presence in the Lancaster area in the wake of market disruptions caused by out-of-market banks acquiring local institutions like Susquehanna and Metro.
PeoplesBank has about $1.5 billion in assets. As of June, it had about 14 percent of the market share in York County, more than any other bank in the county except M&T, according to the FDIC.
It started pushing into Lancaster County in the past year, opening a loan production office in East Hempfield Township in September and a limited-services branch in the Masonic Village senior-living development in West Donegal Township last winter.
The bank is still awaiting regulatory approval for the Woodcrest Villa and Landis Homes branches, but officials from the two communities said they were told residents could have on-site banking again by mid-December or early January.
PeoplesBank Executive Chairman Larry Miller declined to comment until the branches receive approval.
Landis Homes is looking forward to the addition, said CEO Larry Zook. The community has had an on-site bank since 1995 – first Bank of Lancaster, then PNC. The bank has been an asset not only to residents, but also to Landis Homes’ 550 employees.
The news is also good for Woodcrest Villa’s residents, who were “very concerned” to see PNC leave, said John Sauder, vice president of operations for Mennonite Home Communities, of which Woodcrest Villa is a part.
“But I think they’re also equally pleased that PeoplesBank is coming in,” he said.
