It was my pleasure to attend the recent Lancaster Chamber of Commerce and Industry presentation of the “Changing Nature of Banking in Central PA.” The presenters were Brian Bisignani of Post & Schell and Dave Hornberger and Andria Linn of Orrstown Bank. They spoke about topics ranging from the effect of the recent bank acquisitions in central Pennsylvania, to the growth of community banks in Lancaster County, the challenges of marketing to millennials, the decline in retail sales, and cyber security and phishing attacks.
One of the things that struck me was that over thirty percent of all of the cash deposits in Lancaster County were affected by the recent bank acquisitions, or “roll ups” to use the term that Dave frequently called them. In a very short amount of time there have been huge changes in local banking, affecting both banks and their customers.
Dave did a great job of summing up the concerns I have heard from many bankers over the past few months. He noted that very big banks can be competitive because of their rates and lending base. Smaller community banks gain customers by emphasizing their flexibility, with a faster speed to market and more personal customer service. While these are all necessary, especially the personal level of service, they are not everything that our customers need. Continue Reading Trends in the Banking Industry