Meridian Bank recently released its 20th Anniversary 2023 Annual Report in which Chairman and CEO, Christopher Annas, shared the Bank’s progress and successes throughout the year.

Referencing the Bank’s primary business line in commercial lending and how it encompasses 70 percent of the balance sheet and the majority of earnings, Annas stated, “It has seen a steady improvement in net interest income and growth over the years. Even with the recent market turmoil, we continued this strong organic growth, with a nearly 10 percent loan portfolio expansion in 2023.”

The expansion was accomplished by Meridian Bank’s consistent community outreach, strong sales culture, and the consistent branding of Meridian as the go-to business bank in the Delaware Valley. This unique, community-centric approach to banking allowed Meridian, in early 2023, to increase its dividend and also split its stock with the expectation of greater exposure across the investing base.

Another major success in 2023 included Meridian Bank financing the development of new, affordable homes via programs such as Turn the Key. Turn the Key is a Philadelphia Housing Development Corporation (PHDC) initiative that aims to help up to 1,000 Philadelphia families buy new, affordable homes and build equity for their futures. PHDC’s development partners, like Riverwards Group, are building energy-efficient homes on publicly owned land across Philadelphia. As part of this initiative, Meridian Bank’s Commercial Real Estate team, led by Clarence Martindell, financed a project to build 15 affordable single-family homes for first-time homebuyers in East Kensington/Port Richmond.

On Dec. 19, 2023, Annas joined Meridian customers, Mo Rushdy and Larry McKnight of Riverwards Group, along with PHDC members, city officials, and other community partners for a ribbon-cutting ceremony at 2229 East Williams Street. Meridian is proud to support this initiative and looks forward to continuing the betterment of surrounding communities.

“Here in our 20th year, I reflect back and am so thankful for how we have been able to grow Meridian and become such an important institution in the Philadelphia market,” stated Annas. “The team we have assembled and our deep roots in this market will surely help us to outperform, despite current obstacles and those yet to arise. I thank our customers and shareholders for their continued support and assure you that our team is working exceptionally hard to earn that support.”

Read the full 20th Anniversary 2023 Annual Report at Meridian Bank. Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware, Maryland, and Florida. Through more than 20 offices, including bank branches and mortgage locations, Meridian offers a full suite of financial products and services.