State College, PA - Centre County - Central Pennsylvania - Home of Penn State University

New Bank Joins Crowded Field in State College

by on June 18, 2014 2:00 PM

It's no secret the banking market in State College is competitive -- there seems to be a bank around every corner.

But the leaders of S&T Bank don't seem concerned. While Executive Vice President Dave Richards acknowledges the last thing the town needs is another typical bank, he says his staff plans to offer the community something different: consulting.

"We're not here to just sell to people," says Richards, a longtime State College resident. "S&T has a long history of helping to solve problems."

The bank, located at 141 W. Beaver Ave., opened at 10 a.m. Wednesday. This is the first branch of S&T Bank to come to State College, joining locations in 11 Pennsylvania counties. The bank will offer retail banking services, mortgage services, wealth management, commercial lending and treasury management.

The bank has only been open for a few hours, yet Richards says he has already received interest from business owners and community members about opening accounts. The focus of his office will be on small businesses and families.

Executives at S&T had considered opening a branch in State College for the past few years but it wasn't until March the decision was finalized. Todd Brice, President and CEO of S&T Bank, says he waited until he assembled the right team to run the new office.

"State College is an attractive market," Brice says. "The university brings with it a lot of opportunities. There's also been a growth in population here. But we weren't going to come until we had the right team in place."

Brice says he hired Richards and Steve Grim, senior vice president, to lead the expansion because of their banking experience and strong ties to the region. Both Richard and Grim are longtime Centre County residents.

"If we thought this was just going to be another bank, we wouldn't have done it," Richards says. "We knew we would have to differentiate ourselves. We understand the culture here."

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Jessica Tully recently graduated from Penn State with degrees in journalism and political science. She is a frequent contributor to StateCollege.com and has also reported for USA TODAY, the Pittsburgh Post-Gazette, Onward State and The Daily Collegian.
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