Financial institutions based in Frederick County, Md., and Franklin County, Pa., are following through with plans to expand in the Washington County, Md., area.
In December, citing what it called a “bright future for the downtown core” of Hagerstown, Middletown Valley Bank announced plans to open a credit-serving center on the Public Square in March.
Six months later, that center is up and running.
“It’s going extremely well,” said B.J. Goetz, the bank’s president and chief executive officer. “We created the space we needed. It’s been very well received in the community.”
Goetz said a full branch bank might be added before the end of the year.
Also in December, Patriot Federal Credit Union, based in Chambersburg, Pa., reported plans for a new branch at 11067 Robinwood Drive, near Meritus Medical Center, Hagerstown Community College and residential and commercial developments.
“It’s a great location,” John Kilduff, Patriot’s corporate affairs officer said at the time.
Six months later, Patriot is finalizing the drawings and details.
“We plan to break ground for the new branch this fall,” Kilduff reported in an email message.
MVB on the square
Middletown Valley Bank refurbished about 5,900 square feet at 10-11 Public Square to accommodate its credit-serving center. Goetz declined to discuss specific figures, but he said, “It’s a pretty significant investment.”
“We have basically all lending functions operating out of that facility,” he said.
Twenty-three people work there now, Goetz said, and that number is likely to grow.
“It’s not a branch facility,” he said, but MVB has plans to open a public branch there in the near future.
“It’ll most likely be later this year,” he said.
In December, Goetz said moving to the Hagerstown facility would open space for deposit and administrative functions in the main office. So far, the move is working out as envisioned.
“It allows us to expand on both sides,” he said.
Middletown Valley Bank dates its founding to 1908, Goetz said.
It now has six branch locations, more than 70 employees and, as of the end of the first quarter, about $305 million in assets, he said.
“Our investment in Washington County is definitely going to continue,” Goetz said.
Patriot’s physical, digital changes
Patriot Federal Credit Union also plans to continue investing in Washington County, according to Kilduff.
Patriot had a lease on the 3.764-acre parcel on Robinwood Drive for about three years and finalized the purchase last year.
The credit union plans to break ground on a new, 3,700-square-foot branch this fall, with opening planned for the summer of 2018.
“It will be a full-service branch with drive-up,” Kilduff said in an email message.
The facility will include a lobby and offices for member services, including mortgage-lending and business-lending services. The financial institution expanded its services this spring to include business lending, he wrote.
Meanwhile, the credit union also is preparing to launch a new e-branch in mid-June.
“To improve member experience, we’ve established a single, fully integrated platform to streamline functionality and log-in capability,” Kilduff wrote.
Each member will have a universal log-in credential, so one user ID and password will access e-branch and mobile sites.
The new system is more secure and offers more functions, such as initiating check withdrawals and making payments or transferring money to other members, according to Kilduff.
To help members transition to the new e-branch, Patriot developed self-help online resources that include educational videos and FAQs.
Patriot, which traces its founding to 1965, has nine branch offices, more than 54,000 members and assets in excess of $560 million, according to its website.
On July 13, 2000, Patriot became a community chartered credit union. A community charter permits a field of membership that is based on geography, not sponsors.
“You are eligible to join if you live, attend school, worship, work or even if you regularly conduct business in Franklin County, Pa; Fulton County, Pa.; Washington County, Md.; or the Borough of Shippensburg, Pa., (including the portion in Cumberland County, Pa.),” according to the website.