Huntingdon Valley Bank is looking to relocate its headquarters from its Montgomery County home to Doylestown, the county seat for Bucks County, writes Jeff Blumenthal for the Philadelphia Business Journal.
According to Huntingdon Valley Bank Chief Lending Officer Hugh Connelly, the bank decided to relocate its nexus into a more hopping business community as it focuses primarily on business clientele. And while Huntingdon Valley is more of a bedroom community, Doylestown is the commercial spine for the surrounding area of affluent communities.
However, the $352 million-asset bank still plans to retain its two Huntingdon Valley branches where it still generates the majority of its deposits.
“We are not forgetting our Huntingdon Valley roots,” said Connelly. “This is just about population shifts and opportunities.”
The bank is also continuing its push into Philadelphia by filing to open a South Philadelphia retail branch. It applied to open a location in one of the 25 branches that WSFS bank closed last year. The neighborhood already has nine branches from other banks, but Huntington Valley will not be competing with any of the bigger players due to the type of clientele it serves.
Read more about Huntingdon Valley Bank at the Philadelphia Business Journal by clicking here.