York Township-based PeoplesBank already had a pinky toe dipped in the waters of Lancaster County’s banking scene. Now, it’s wading in to its waist.
The bank has applied to open a new office in East Hempfield Township, swelling the list of banks deepening their stakes in the county. The office will be able to take deposits, but will not be a full-service retail branch, according to Larry Miller, president and CEO of Codorus Valley Bancorp Inc., the holding company for PeoplesBank.
The proposed office at 3002 Hempland Road in East Hempfield Township will function as a loan production office, Miller said. Miller said the bank hopes to open the facility by Sept. 15.
It’s not the York County bank’s first play in Lancaster.
In the winter, PeoplesBank took over from Wells Fargo & Co. a limited-services branch in the Masonic Village senior-living development in West Donegal Township.
Now, the bank is becoming yet another community bank looking to take advantage of market disruption caused by long-time financial institutions in Lancaster County being acquired by out-of-the-region banks.
Midstate community banks like Orrstown Bank, Centric Bank and Coatesville Savings Bank have either entered the county as a result of the market disruption or beefed up their presence there.
Univest Bank, from the suburban Philadelphia area, also plans to plant a flag in the region, as does Mansfield-based First Citizens Community Bank.
Codorus Valley Bancorp Inc. trades its shares on the NASDAQ exchange at the ticker symbol CVLY and has about $1.4 billion in assets.