MultiFunding Releases Philadelphia Region’s Most Committed Small Business Lenders
Media Contact:
Jennifer Sherlock
jsherlock@jennacommunications.com
FOR IMMEDIATE RELEASE
MultiFunding Releases Philadelphia Region’s Most Committed Small Business Lenders
PHILADELPHIA, October 13, 2011 – In today’s tough economic environment, there are banks making loans to small businesses. The banks that are actively committed to small business lending deserve all of our recognition and support, as they are focused on our community, helping unemployment, and regional growth.
MultiFunding has compiled its first annual list of The Philadelphia Region’s Most Committed Small Business Lenders. The 38 lenders included in the ranking are based in Philadelphia, Montgomery, Bucks, Chester and Delaware counties. They are all regulated by the FDIC and have a minimum of $100 million of deposits as of June 30, 2011. In order to rank them, each bank’s small business loans are divided by their deposits, as reported in their FDIC call reports. Small business loans are defined as loans with a balance of $1 million or less.
How can we measure a bank’s commitment to small business? At MultiFunding, we believe that the data that the banks report to the FDIC on a quarterly basis about their outstanding loans of $1 million or less is an excellent barometer of main street lending. With this statistic, if there is a loan outstanding with a balance of $1 million or less, it counts. The aggregate number is affected by a number of factors including loans that go bad, loans that are paid now, loans that the bank insists leave, attrition, and new loans.
“The range of commitment to small business lending amongst the banks in the survey is dramatic,” said founder and CEO of MultiFunding, Ami Kassar. “Milestone Banks of Doylestown, the top ranked bank in our ranking, leverages 60.48 percent of their deposits to make small business loans. In contrast, Citizens Banks of Philadelphia, who is ranked the lowest in our ranking, leverages only 3.07 percent of their deposits to make small business loans.”
Ranking | Bank | City | Website |
1 | MileStone Bank | Doylestown | www.milestonebank.com |
2 | Monument Bank | Doylestown | www.monumentbank.com |
3 | Noah Bank | Elkins Park | www.royalasianbank.com |
4 | Valley Green Bank | Philadelphia | www.valleygreenbank.com |
5 | First CornerStone Bank | King Of Prussia | www.firstcornerstone.com |
6 | Penn Liberty Bank | Wayne | www.pennlibertybank.com |
7 | First Resource Bank | Exton | www.firstresourcebank.com |
8 | First Priority Bank | Malvern | www.fbkp.com |
9 | Meridian Bank | Paoli | www.meridianbanker.com |
10 | Bucks County Bank | Doylestown | www.buckscountybank.net |
11 | Iron Workers Savings Bank | Aston | www.iwsb.com |
12 | Alliance Bank | Broomall | www.alliancebk.com |
13 | Firstrust Savings Bank | Conshohocken | www.firstrust.com |
14 | NOVA Bank | Berwyn | www.novabank.com |
15 | Eagle National Bank | Upper Darby | www.eaglenational.com |
16 | QNB Bank | Quakertown | www.qnb.com |
17 | Stonebridge Bank | Exton | www.stonebridgebank.com |
18 | The National Bank of Malvern | Malvern | www.natbankmal.com |
19 | Conestoga Bank | Chester Springs | www.conestogabank.com |
20 | Coatesville Savings Bank | Coatesville | www.coatesvillesavings.com |
21 | DNB First, National Association | Downingtown | www.dnbfirst.com |
22 | United Savings Bank | Philadelphia | www.unitedsavingsbank.com |
23 | Univest Bank and Trust Co. | Souderton | www.univest.net |
24 | Republic Bank | Philadelphia | www.myrepublicbank.com |
25 | East River Bank | Philadelphia | www.eastriverbank.com |
26 | The Bryn Mawr Trust Company | Bryn Mawr | www.bmtc.com |
27 | First Savings Bank of Perkasie | Perkasie | www.firstsavingsonline.com |
28 | First National Bank and Trust Company of Newtown | Newtown | www.fnbn.com |
29 | Royal Bank America | Narberth | www.royalbankamerica.com |
30 | Huntingdon Valley Bank | Warminster | www.huntingdonvalleybank.com |
31 | Customers Bank | Phoenixville | www.customersbank.com |
32 | Ambler Savings Bank | Ambler | www.amblersav.com |
33 | Sharon Savings Bank | Darby | www.sharonbank.com |
34 | Harleysville Savings Bank | Harleysville | www.harleysvillesavings.com |
35 | Beneficial Mutual Savings Bank | Philadelphia | www.thebeneficial.com |
36 | Abington Savings Bank | Jenkintown | www.abingtonbank.com |
37 | Prudential Savings Bank | Philadelphia | www.prudentialsavingsbank.com |
38 | Citizens Bank of Pennsylvania | Philadelphia | www.citizensbank.com |
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About MultiFunding
Based in the greater Philadelphia area, MultiFunding works with small business owners in more than 27 states to understand small business lending options, and to ultimately evaluate and secure the best loan alternatives for their businesses. For further information, please visit www.multifunding.com or view the small business blog at sligshotcafe.net.