Harrisburg-based Centric Bank will enter the Main Line market with a loan production office and retail branch, both on Lancaster Avenue in Devon, writes Jeff Blumenthal for The Philadelphia Business Journal.
The former is slated to open this spring, while the latter’s opening is planned for September.
“The goal is to connect our broader footprint in Lancaster County and Bucks County,” said Centric Bank CEO Patricia Husic. “I think when you also look at all the bank M&A (on the Main Line), it certainly has created opportunities for banks.”
Berwyn native Christopher Bickel, a veteran of commercial lending, will head the loan office, while Timothy Merrell, a veteran Main Line banker, will run Centric Bank’s cash management division.
Centric is one of a number of banks from central Pennsylvania to recently move east in order to gain access to higher-growth markets.
“It’s just an attractive market,” Husic said. “There is growth in central Pennsylvania but not like southeastern Pennsylvania.”
Centric Bank now has $704 million in total assets after it grew its loan book by 26 percent last year.
Click here to read more about Centric Bank in The Philadelphia Business Journal.