close

Banking on a change Charleroi Federal becomes cfsbank today

3 min read
1 / 2

Neil D. Bassi

2 / 2

 

The Great Recession, Neil Bassi acknowledged, was not time for a great renaming.

Bassi, president and chief executive officer, said Charleroi Federal Savings Bank was in line for a rebranding about seven years ago. But, wary of customer response to change in an already tumultuous economy, corporate officials deferred action.

“It wouldn’t have been a good move then,” he said. “The time is now right to do this.”

Starting today, Charleroi Federal will no longer be Charleroi Federal. It will be cfsbank, with a new logo, trademark line (“What can we do for you today?”) and website (cfsbank.com).

This is not a merger or consolidation, but a new identity for the 79-year-old institution based in Charleroi. “This is more reflective of our regional presence,” Bassi said of a bank that has nine branches in four counties.

He alerted the Observer-Reporter of this change last week, but did not want it publicized until today because announcements were still being mailed to customers. Bassi said credit, debit and ATM cards will be phased in at no cost, and checks and other documents will be updated.

The company offers business as well as personal banking and numerous services, including online banking and bill pay.

By any name, cfsbank appears to be healthy, with more than $500 million in assets and a net worth over 13 percent.

Bassi said the bank is considering expansion, possibly into Greene County, but hasn’t made any decisions. “We are looking into a number of options, but haven’t committed to any.”

For now, cfsbank has five Washington County branches (Bentleyville, Charleroi, Monongahela, Peters Township, Washington); two in Westmoreland (Rostraver and Hempfield Townships); and one each in Fayette (Connellsville) and Butler (Seven Fields).

The bank’s roots are Depression Era as well as Rockwellian. It launched as a savings and loan in 1936, with the purpose of assisting and encouraging home ownership – a slice of Americana at a time Norman Rockwell, painter and illustrator of American culture, was at his peak.

Charleroi Financial started as a mere teller window, but grew, continued to grow and moved twice over the next two decades. Then in 1956, on its 20th anniversary, the bank relocated to a newly erected structure at the corner of McKean Avenue and First Street – where it endures today.

The institution is a mutual savings bank, which, by definition, is “chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund.”

Bassi chairs a board of directors that also includes Bradley Bassi, Robert Erdely, Michael Lee, Robert Lettrich, Bruce Marshall and Reid Smith. Rudy Mudrick is director emeritus.

Today, they work under a different brand.

CUSTOMER LOGIN

If you have an account and are registered for online access, sign in with your email address and password below.

NEW CUSTOMERS/UNREGISTERED ACCOUNTS

Never been a subscriber and want to subscribe, click the Subscribe button below.

Starting at $3.75/week.

Subscribe Today