Centre 1st Bank hosted its grand opening May 8, 2019. After just over a month in business, the bank’s trajectory aims at a bright future.
Where it all Began
In 2015, Old Dominion National Bank was under severe restrictions from the Office of the Comptroller of the Currency; it had not been profitable in its nearly 10 years in business. Thanks to the influence of some incredible new leadership, it has completely turned itself around into a glowing success story.
In November 2015, current Centre 1st President Jack Infield received a phone call from Mark Merrill, current president of Old Dominion National Bank in Northern Virginia. Merrill asked Infield to join him in chartering Old Dominion National Bank. Infield briefly considered the fact that he could certainly retire already, but ultimately decided to join Merrill.
“I could be retired right now if I wanted to be, but I enjoy helping people and doing things,” Infield says.
Infield joined Merrill in early 2016 to start raising capital for the Pennsylvania division of Old Dominion National Bank. Two very successful capital campaigns resulted in $35 million for the Pennsylvania division, $24 million of which is being used to start the branch in Centre County. Typically, businesses enlist an investment banking firm for this kind of capital campaign. Centre 1st leadership, however, opted to do the legwork themselves, saving shareholders $4-$5 million in fees. This also allowed them to sell the stock to 150 individuals in Pennsylvania, making the bank owned by people with a sincere interest in building a local bank.
A Backbone of Strong Leaders
Centre 1st can do so much good work for the community thanks to its dedicated leaders. President Infield leads a charge of over 150 local shareholders, a 22-member advisory board and a competent, growing 10-person staff. He has 40 years of banking experience behind him at 11 banks, going through seven mergers and leading multiple high-level projects with great success — including the partnering of PNC Bank with Penn State University.
Centre 1st also has two boards. The corporate board is voted on by shareholders and has legal responsibilities and members are compensated for their time. The local advisory board is made of shareholders who are volunteering their time and serve as the face of the bank to the community.
Brent Pasquinelli is chair of the local advisory board. He propositioned Infield for the position early in the game and was ultimately given the role with every confidence. As a shareholder, Pasquinelli invested in Centre 1st and is confident in the work Infield is doing in State College and Centre County. He and Sam Malizia, vice chair, spend their time with Infield working on investor relations and interacting with the local advisory board.
Malizia is also the previous owner of former community establishment Nittany Bank. His experience paved the way for operations like Centre 1st that hope to create the same environment.
At the Heart of Community Banking — Local Ownership and Commitment
Centre 1st is a bank designed in and for central Pennsylvanians. Its local ownership and leadership understand the central focuses behind community banking: mainly, well, community. Infield and his team are devoted to giving back. Infield has served on several local boards, including the Centre Foundation, United Way, JB Griffin Foundation and YMCA. He is currently the president of the Centre County Industrial Development Authority and president of the Child Advocacy Center Board.
“When you bank with a community bank, their profitability can go back into the community as well,” Infield says. “Our goal is to be part of this community and to create something that our customers can be proud of.”
Common Sense Banking
Since the 2008 recession, banking has become more restrictive and less flexible. Such regulations are necessary, and community banks are not exempt from abiding by them, but Infield does see some strategic changes to help the customer.
“The banking environment has lost two valuable words: common sense. One of the comments that I tell my people all the time is no matter what’s going on, try to use common sense when [solving] a problem,” Infield says. “My people know they have the empowerment to make decisions.”
Large commercial banks need to operate by restrictions and silos in order to maintain order and functionality. This often means waiting a significant period of time without flexibility on denials. Infield admits that banking is certainly a highly regulated environment but emphasizes the need to maintain common sense. When you get a “No” from a community bank, it’s given in a timely fashion alongside opportunities to turn that “No” into a “Yes.”
Personalized Customer Service
Banking has come a long way in recent decades. Technological advancements like mobile check cashing have made the lives of many more convenient. But in the area of customer service, advancements can be seen going the other direction on too many occasions. Large banks often outsource their customer service overseas. Customers may not get someone in their country, let alone their zip code. This is never the case at Centre 1st.
“If you call in and want to talk to me, you can talk to me. No 800-number… If there’s something I can try to do to help, I will do that,” Infield says.
Pasquinelli sees the stark difference in banking over recent years. He remembers community banks playing a centralized role in the community as well-respected leaders and philanthropists. Banking was a personal experience because you knew the people behind the counter. That atmosphere is what Centre 1st is striving to bring back.
Competitive Technology
Residents and businesses can hesitate when it comes to using community banks. They strive to keep up with advancements in technology and convenience, and not all community banks can stay competitive. Centre 1st is prepared to put customers at ease with technology that is on par with large commercial banks.
“We have technology, as any large commercial bank [does], to include online business mobile banking for consumer and business owners, cash management services, remote deposit capture, online banking with ACH and wire technology, positive pay, merchant card services, lock box processing, business credit cards, business bill pay and insured cash sweep,” Infield ensures.
A Bright Future
The current status and upcoming plans for Centre 1st point to a future of success for this new community bank. With its local leadership and commitment, two-way community interaction, common-sense approach and personalized service, Centre 1st is set up for success.
“We have a phenomenal pipeline of business right now,” Infield says.
Central Pennsylvania’s hometown feel can carry all the way into your banking experience at Centre 1st — a community bank for central Pennsylvanians, by central Pennsylvanians. .
Christen Bell is a freelance writer in State College, Pennsylvania with a background in event planning and nonprofits. She grew up in Happy Valley, graduated from Penn State University with a degree in public relations, and is raising her young family in Port Matilda. When time allows, she enjoys reading, writing and running.
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