With 110 years of combined lending experience, Phoenixville Federal Bank & Trust’s commercial lending team has played a key role in the revitalization of Phoenixville, while also funding significant business expansion in surrounding areas.
Since 1912, Phoenixville Federal Bank & Trust has remained an integral part of the communities it serves, and has offices in Phoenixville, Collegeville, Kimberton, Royersford, and Limerick. Its philosophy is to serve clients like neighbors, yet have the ability to handle large and complex transactions when the need arises.
“We will look at loans of all sizes, including smaller loans that may have been passed on by other banks due to their size,” said Steven T. Pratt, Senior Vice President and Chief Lending Officer. “We also have the lending capacity and credit expertise to handle much larger deals.”
Pratt leads a team of five lenders at the bank that deals with commercial loans, lines of credit, commercial mortgages (both owner-occupied and investment properties), and construction financing. Anyone visiting the Borough of Phoenixville can see first-hand the results of projects the bank has facilitated.
“There has been a rebirth in the borough, and thankfully, the bank has played a key role in that development,” said Pratt.
Helping Phoenixville transition from a leader in making steel to a leader in making beer, the bank has financed several projects that contributed to the revitalization of the downtown, including arts and entertainment, and is currently financing multiple commercial construction projects there.
“We are very supportive of the borough itself,” said Pratt, “but we also have a great many clients and projects we are involved with outside Phoenixville that we are equally thrilled to be involved with.”
Some of those projects for clients in the surrounding areas include providing financing for a building expansion and financing a commercial purchase/renovation project to repurpose it for use by tenants. Also, the bank recently provided a significant line of credit to a company allowing it to expand inventory, assist with accounts receivable, and facilitate anticipated growth.
The bank’s service area includes Chester, Bucks, Montgomery, Berks, and Delaware counties, but it has done business outside that area on occasion. No matter where its clients are located, business decisions on each financing project are made locally, not from an out-of-state headquarters like some of the bank’s competitors.
“One of our biggest differentiators from a client standpoint is that service is paramount here, and all of our decision-making is made by our team right here in Phoenixville,” said Pratt. “Whether the loan is $10,000 or $10 million, it all gets approved by the same local bankers that our prospects and clients know.”
Based on that dedication to service, the lending team has generated significant repeat business and developed various referral sources who direct their own clients to work with the bank’s lenders. Pratt notes that Phoenixville Federal has also been the beneficiary of mergers and acquisitions in the industry that have brought in new clients.
“When banks merge, there is market disruption, which enables us to pick up a lot of opportunities for the bank,” he said. “We’ve been able to grow a lot that way.”
Being part of the community is also a mission of the bank, as exemplified by the many charitable causes the bank supports and its employees’ leadership roles in the community.
“The bank appreciates the opportunity to be a part of the community, not only from a business and financial standpoint, but from a community involvement standpoint, with the various charities and nonprofits we are involved with,” said Pratt.
With pride in contributing to the rebirth of Phoenixville, and with a lending footprint that reaches out to surrounding areas as well, Phoenixville Federal Bank & Trust thrives as a small community bank, and has the ability to make a big difference in how businesses and communities grow and expand.
Click here to learn more about Phoenixville Federal Bank & Trust.