In 2007 a group of investors bought a troubled bank. Since then, Centric Bank has continued to grow, even during a tough economy.
Today Centric Bank counts about $228 million in assets and has three branches in the Harrisburg area. An additional location in Hershey is expected to open in 2013. This strong presence helps show that the financial world has room for both large and small banks to thrive, says CEO Patti Husic, part of the group that purchased Vartan National Bank in 2007. The bank's growth landed Husic on American Banker's recent list of “25 Women to Watch.”
Over the past three years, Husic says, Centric's rate of lending has increased by about 30 percent. Much of that growth has been because of loans to small and medium-sized businesses in the region, with a special focus on businesses owned by women and ethnic minorities. Centric takes a personal approach to lending — employees even give their cell-phone numbers to prospective borrowers.
When faced with the opportunity to extend a loan, Centric's approach is to find a way to make that loan happen. It's one of the rare banks that loans 100 percent of the money doctors need to buy into a new practice, for example. When another client had trouble with his business' cash flow, Centric introduced him to an accountant who helped put his books in order so he would qualify for a loan.
“How do you make it a bankable deal?” Husic says. “You don't have the collateral? Let's find a way to make this work.”
Source: Patti Husic, Centric Bank
Writer: Rebecca VanderMeulen