For more than seven decades, Charleroi Federal Savings Bank has been operating its business with one main objective in mind: offering each customer individualized attention and care.
Neil Bassi, president and CEO of Charleroi Federal, said that even in today's economic conditions in which the sub-prime lending industry has taken a lead, Charleroi Federal stands by the best interest of the customer .
"Charleroi Federal has never originated or bought sub-prime loans and never will," said Bassi, adding that with sub-prime loans traditional bank underwriting is compromised.
"A guiding principle for Charleroi Federal Savings Bank is the steadfast adherence to high ethical standards," said Bassi. "These standards should be the norm for anyone involved in the financial industry, not the exception. Damage caused by deceptive sales practices extend beyond the consumer who is directly targeted to mortgage markets and economy in general. As a bank, we are subjected to and examined regularly for compliance with a range of laws and regulations. I hold all of my employees to high standards and the regulators make certain of it."
Bassi said that despite the economic malaise that surrounds our country and region, Charleroi Federal continues to perform exceptionally well. A bank that never sells its loans and has always serviced its own portfolio, Charleroi Federal grew to $370 million in assets with deposit gains over 6.5% and mortgage lending increases over 10% in 2007.
"Retained earnings were at $62 million-an all time high-with Regularity Capital in excess of 17%, which is more than double the federal requirements," said Bassi.
Bassi said this is an exciting time to be part of Charleroi Federal as it prepares to open its newest location at 730 E. Beau Street in South Strabane, in mid-April The new office was designed by Lettrich and Associates. P.W. Campbell was the general contractor on the project.
"We are very excited to open our state-of-the-art facility and have a presence in our county seat where we will continue to provide all of our financial services to large segments of Washington County, many of whom are already customers. Our Washington office was included in the bank's overall planning process for years and is consistent with the bank's mission to create value for the communities in which we operate."
Bassi is also excited about how the bank has placed emphasis on taking small and medium-sized business to a new level by keeping pace with products and technology.
"We are very proud of what we have to offer in terms of business banking including sweep accounts, online banking ACH origination, merchant servicing and remote capture," said Bassi.
At the heart of it all, though, are his people and the service they are dedicated to providing
"Our Hallmark has always been customer service and relationship banking. We can deliver better, way beyond the competition. I guarantee it."
In addition to the main office in Charleroi and the Washington offices, Charleroi Federal Saving Bank also has offices in Connellsville, Bentleyville, Rostraver, Monongahela, Seven Fields, Hempfield and Peters Township.