EXTON, Pa., Sept. 3, 2013 /PRNewswire/ -- First Resource Bank (OTC Bulletin Board: FRSB) has been recognized with the prestigious Pillars of the Community Award by the Federal Home Loan Bank of Pittsburgh (FHLBank). The award recognizes banks that exhibit a strong commitment to community service and community revitalization. The Pillars of the Community Award is FHLBank's highest organizational honor and is presented annually to a select few FHLBank members.
As a member of the FHLBank cooperative, First Resource Bank has taken advantage of the FHLBank Community Lending Program, channeling nearly $4.3 million dollars in low-cost loans to support community projects and organizations. Most of those loans were made in 2012 alone.
First Resource Bank received the award at a ceremony held at Unionville Equine Associates, PC, one of the many community projects and businesses supported by the Bank. This business took advantage of low-interest loans provided through First Resource Bank to expand its equipment and facilities, enhancing capabilities in equine ambulatory, clinical and therapeutic care. As part of the award, FHLBank also presented a check for $1,000 on First Resource Bank's behalf to the Downingtown Area Senior Center, which provides services to more than 1,500 individuals annually. Also present at the awards ceremony were U.S. Rep. Patrick Meehan and Bill Pierce from the Downingtown Area Senior Center.
According to First Resource Bank President and CEO Glenn Marshall, "Commitment to the community has always been one of our foundations. For us, that means helping our communities grow by funding the small and medium-sized businesses that can create jobs and contribute to economic vitality. It also means helping those organizations that work to enhance our communities through needed services or cultural activities. As a member of the FHLBank cooperative, we have a unique ability to access low-cost funds that can be channeled to these local businesses and organizations."
In presenting the award, FHLBank Director of Community Investment John Bendel noted that "First Resource Bank is an organization that really cares about its community, supporting local causes and business in a variety of industries. We are proud to have First Resource Bank as part of our membership cooperative."
For First Resource Bank, the receipt of the Pillars of the Community Award adds further credibility to the Bank's community-centered approach to banking products and services. Recent growth and success has resulted in plans for an expansion of First Resource Bank in Chester County. Design plans are being finalized and demolition work has begun on a building that will house a new Exton branch. The current Exton branch will relocate to this larger facility in early 2014. First Resource Bank has also purchased property and is developing plans for a new West Chester branch, scheduled for completion in September of 2014.
About First Resource Bank First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank, serving the banking needs of businesses, professionals and individuals in Chester County, Pennsylvania. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.
About FHLBank Pittsburgh FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank Pittsburgh is privately capitalized and funded and does not use taxpayer dollars. At June 30, 2013, it had 294 members in its district of Delaware, Pennsylvania and West Virginia and approximately $60 billion in assets. FHLBank Pittsburgh is one of 12 Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage and community development activities of local financial institutions.
This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the bank's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties.
SOURCE First Resource Bank