Local Bank to Expand to Old City

Seeking to become a "business hub in the heart" of Old City, East River Bank announced Wednesday it will open its third branch.

 President and CEO Christopher McGill said the community bank based in East Falls and Roxborough will expand to 36 N. 3rd St. by acquiring a branch from VIST Bank.

“East River Bank is committed to locating our offices in the high-density, stable and urban neighborhoods of the Philadelphia region, and then rooting ourselves in those neighborhoods to best serve our customers and the community as a whole. Old City fits that strategy perfectly,” said 

According to a news release, the move will will result in the transfer of approximately $5.5 million in deposits. Due to required regulatory approvals, the sale won't occur until at least October 2012. The VIST office, between Market and Arch Streets, will remain open throughout the transition.

East River Bank was formed in 2006 and holds $200 million in household deposits in Manayunk, Roxborough and East Falls—out of a potential $800 million. The bank heavily emphasizes community banking, and works with local businesses and developers to finance local projects, in addition to supporting local charities and community events.

In a July interview, McGill discussed East River Bank's future plans. At that time,  and the bank's membership in a nationwide ATM network.

McGill told Patch East River bank was "always looking" for another branch, and hinted that Old City, Fairmount and Center City peaked its interest. East River Bank said it "thrived" in active communities. McGill also serves as treasurer of the Old City District Board of Directors.

On Wednesday, East River Bank confirmed that it ended its search.

“Like our office locations of Roxborough and East Falls, Old City is a place where people live, work and play,” said McGill. “East River Bank intends to fully embrace the creative economy of Old City by supporting its arts and technology businesses and retail customers with outstanding service and financial products.” 

Visit East River Bank's website for more information.