First Resource Bank’s Co-Founder and CEO Glenn Marshall formally passed his leadership torch to Lauren Ranalli on Mar. 31. Ranalli is now the President, Co-Founder, and newly promoted CEO.

Following a 20-year tenure as the Bank’s Chief Financial Officer and Board Member, this appointment has distinguished Ranalli as one of only three women serving as a local bank CEO, alongside Jeane Vidoni of Penn Community Bank and Evelyn Smalls of United Bank of Philadelphia.

Ranalli expressed gratitude for Marshall’s support, describing him as both an ally and advocate. She highlighted the unconventional nature of her role as a CFO also serving on the bank’s board, a privilege granted to her from the bank’s inception.

“Glenn empowered me with oversight over various aspects, allowing me to learn extensively from him,” Ranalli said. “His support was invaluable, providing me with the necessary space to develop and expand.”

Ranalli, originally from Long Island, shifted her focus from accounting to banking after graduating from Villanova University in 1996. She spent four years at Ernst & Young, where she observed the appeal of banking among her peers due to its perceived challenges and versatility.

“Someone wise once told me that banking is the toughest field, but if you master it, you can excel anywhere,” Ranalli said.

Following her tenure at Ernst & Young, Ranalli served as Controller for Ashton Technology Group briefly before assuming the same role at Stonebridge in 2001. Three years later, she and Marshall established First Resource Bank.

First Resource emerged as one of the few survivors among 17 startup banks in southeastern Pennsylvania between 2004 and the 2008 stock market crash. Less than a handful remain active as most were either sold or failed. First Resource chose to keep a low overhead with just one branch for its first decade of operation before eventually adding locations in West Chester and Wayne.

The bank adopted a hybrid community bank model, combining technology to compete for small business customers with the personalized service of smaller institutions.

“We’re grateful we didn’t rush to open multiple branches like some competitors,” Ranalli said. “Our focus was always on the long term, not a quick sale in five years. That strategy has proven its worth.”

Although an attempted sale to Continental Bank in 2010 fell through due to regulatory issues, First Resource thrived, growing from one branch and $131 million in assets to three branches and over $600 million.

The bank’s pivotal moment came during the COVID-19 pandemic when it participated in the Paycheck Protection Program, attracting new customers disillusioned by larger banks’ inability to secure loans.

“Our accessibility during those uncertain times strengthened our reputation,” Ranalli said.

First Resource’s loan portfolio primarily assists commercial real estate investors in selling, renovating, or retaining one-to-four-family housing properties, with construction projects comprising about 10 percent of the portfolio.

Read more at Philadelphia Business Journal.

Learn more about First Resource Bank, a community bank dedicated to serving the financial needs of businesses and families in the Delaware Valley.