by Pete Mazzaccaro
A new report from the FDIC revealed that Valley Green Bank leads all other banks in deposits in Chestnut Hill and Mt. Airy.
According to the report, Valley Green Bank increased its deposit from $115 million in June of 2010 to $180 million in June 2011. That total put it ahead of all other banks in the region: Wells Fargo, Citizens Bank, Citibank, PNC Bank, Sovereign Bank, TD Bank, Bank of America and National Penn Bank.
“These are extraordinary numbers for a 5-year-old bank,” said Valley Green CEO Jay Goldstein, “It’s a direct reflection of our wide-spread neighborhood support and the impact our bank is making in the community.”
Noteworthy of Valley Green Bank’s success is the fact that business has generally not been good for banking. Goldstein said that new business to Valley Green – both commercial and consumer – reflects a general dissatisfaction with large banks.
“The Northwest is very community oriented and identifies with an institution like Valley Green Bank, which is community oriented,” Goldstein said. “At the same time there is a general feeling of discontent with large financial institutions that makes it easier for some to come to us. That the general public is fed up with fee arrangements with large banks and have specifically come to us because we don’t charge those fees and have free checking.”