In one of Philadelphia’s most violent and run-down neighborhoods, Hyperion Bank is partnering with a nonprofit developer to transform 18 buildings into quality rental housing badly needed in the shattered community.
But the project in the city’s Strawberry Mansion area is as much about rebuilding lives as it is bricks and mortar. Area residents – mostly ex-offenders with little hope of finding work – are being hired to do the construction, giving them a chance to earn a living and learn a trade at the same time.
Across the state, Marquette Savings Bank is involved in a far different kind of project, providing the financing to complete the renovation of Erie’s sports arena, a vital economic magnet.
Marquette competed against a slew of other banks for the opportunity and worked hard to offer the best rate possible, never losing sight of the project’s importance to the region.
Two very different projects but tied together by a common theme: community banks working to make a difference.
“We’re committed to our neighborhoods and other large banks will de-commit very quickly,’’ said Joe Matisoff, Hyperion’s president and CEO. “We’re here for the long-haul.’’
In Erie since 1908, Marquette has never stopped looking for ways to serve its area’s needs, initially through providing residential mortgages and more recently by putting its local expertise to work assisting businesses to get the financing they need.
“For over 100 years, Marquette has been helping local residents purchase and finance homes and, more recently, we’ve been helping local businesses grow,’’ said Michael Edwards, the bank’s president and CEO. “We consistently invest right back into the local communities where all our branches and business customers are located.’’
Nick DiFrancesco, president and CEO of the Pennsylvania Association of Community Bankers, said the work being done by Hyperion and Marquette underscores the importance community banks play across the state.
“Our members live and work in their communities,’’ DiFrancesco said. “Unlike a larger bank where executives make decisions from another state, we know our customers and take the time to find out how to best meet their needs.’’
Read the full article in August’s issue of Transactions. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.