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Member Spotlight: November, 2008—Charleroi Federal Savings Bank

Member Spotlight

Charleroi Federal Savings Bank was selected for the Chamber’s Member Spotlight for the month of November. Shown here is President and CEO Neil D. Bassi and Deb Keefer, Chamber Director.

The history of Charleroi Federal Savings Bank dates back to 1936, a time when the nation was recovering from a Great Depression. Founded on a philosophy of customer service and a desire to offer every working man or woman the chance to own a home, the bank grew from nominal original capital to an institution over $400 million in assets.

Neil D. Bassi, president and CEO of Charleroi Federal, said the bank’s original charter was issued in 1936 by the United States government and established the facility as a Savings and Loan, designed to assist and encourage home ownership. Charleroi Federal began as merely a teller window at the former First National Bank and Trust Company and as the operation grew, it moved to Fifth Street. In the 1940s, the Savings and Loan moved to an office on Fallowfield Avenue between Fourth and Fifth Streets, and in 1956 because of more growth, erected the structure at the corner of First Street and McKean Avenue. In 1990, the institution changed its charter to a savings bank, but maintained the philosophy of customer service.

“Throughout our history, we’ve exhibited a steady growth pattern that brought us to where we are today,” Bassi noted. Bassi added, “In these unsettled economic times, consumers look to a bank like ours who has an established strong core capital and liquidity.” Bassi continued, “Charleroi Federal Savings Bank has a net worth in excess of 15 percent, which is almost 3 times the amount required by federal regulations and no borrowed money. We originated real estate loans in the geographic areas of our branches and have never participated in the sub-prime business.”

Bassi added, “One of the remarkable things about Charleroi Federal is that it has always remained loyal to the commitment of community banking, remembering that its chief service is to provide whatever financing is needed by our customers.”

Charleroi Federal Savings Bank expanded its presence in Western Pennsylvania with its newest location on East Beau Street in Washington, PA. Since its grand opening in May, the branch has exceeded expectations to date in all categories of deposits and loans.

Assisting the growth of this branch and the bank’s overall performance is the growth of business banking. Charleroi Federal Savings Bank’s products and services include internet banking, business bill pay, remote capture, and vast array of services that can be tailored to any business. Bassi stated, “Once businesses are educated on our product offerings, they jump at the chance to do business with us because they love our stability and customer service.”

President Bassi concluded by saying, “The bank will continue to grow even in these tumultuous times because of our financial strength and our unique ability to manage risks.”