First Resource Bank is poised to capitalize on the consolidation that has swallowed up a number of community banks on the Main Line by opening its first location outside of Chester County, in Wayne, writes Jeff Blumenthal for the Philadelphia Business Journal.
Last fall, First Resource, with $302 million in assets, purchased a house at 321 West Lancaster Avenue. It then worked with the Radnor Township Planning Commission to demolish the structure and build a new one.
According to First Resource Bank CEO Glenn Marshall, the new building will have 1,100 square feet of retail space on the first floor with a conference room, offices, and information technology above.
The Wayne location will be the bank’s third, with the others in Exton and West Chester.
“We see that triangle as a potential $12.5 billion market,” said Marshall. “So that put it on our radar.”
The new location reaffirms the bank’s commitment to owning its buildings, instead of seeking lease arrangements.
We “don’t want to have to worry about whether or not the landlord is going to sell the building,” said Marshall.
Read more about First Resource Bank in the Philadelphia Business Journal here.
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