True to its roots
91 years later, cfsbank remains committed to community
Established in 1935 in the midst of the Great Depression, cfsbank is remaining true to its roots.
“The way we do business goes back to the beginning,” said Danielle Maurer, chief operating and retail officer for the Charleroi-based institution at 101 McKean Ave.
“Our bank was founded at a time when a lot were closing. We saw a need to help local families with home ownership. I think that spirit of community carries through today and lets us accomplish our goals.”
A borough fixture from the beginning, the bank known previously, and for much of its existence, as Charleroi Federal Savings and Loan Association rebranded itself in 2015. Bank officials selected the name cfsbank to, according to its website, “better reflect the institution’s growing regional presence across Washington, Butler, Fayette and Westmoreland counties.
The bank has 10 free-standing branch offices and more than 100 employees. Branches are in Bentleyville, Charleroi, Connellsville (the second-oldest, 1977), Hempfield, Monongahela, Peters Township, Rostraver, Seven Fields, Southpointe and Washington.
“One of the things that is a little different with our bank is that we’re also a mutual savings institution,” said Maurer. “We are owned by our customers, which allows us to be customer-focused. No one here is paid a commission if it’s best for them instead of the best thing for a customer.
Moreover, she noted, “Anyone who calls one of our locations will be greeted by a human voice.”
She added that “70% of our marketing budget goes to the community, not advertising.
“We don’t have billboards and have limited print ads. We also are involved with community events, including community days, the annual Food Truck Festival at Hollywood Casino at The Meadows and activities at the cfsbank Event Center in Rostraver Township.
Maurer, who came to cfsbank six years ago with John Gill, the chief executive officer, said the bank has been “really expanding services, including more commercial lending. We’re one of few banks doing construction loans, called owner building loans.
“We started community partner accounts and give money back to organizations. We also do a lot of competitive and mobile banking.”
Maurer, who worked with Gill for 20 years at Somerset Trust Co., said cfsbank has grown $250 million in assets since the CEO’s arrival in 2020. She and Gill easily adapted to life and work in Southwestern Pennsylvania.
Gill said in a prepared statement: For more than 90 years, cfsbank has been built on one simple idea: when our communities thrive, we thrive.
“While banking has changed dramatically over the years, our commitment to our customers and our communities has never wavered.
“As we look to the future, we’ll continue investing in the people, businesses and communities we serve, finding new and innovative ways to deliver exceptional banking while remaining true to the values that have defined us since 1935.”
A future investment in the community may be in the early stages of development for cfsbank. Key Bank plans to shutter its California branch and transfer its operations to Monongahela. That would leave the borough without a banking location. Local officials contacted cfsbank seeking help on developing a banking site.
There was a meeting Tuesday evening at which more than 70 attended, according to borough council President Patsy Alfano.
“People are very sincere about keeping a bank locally,” he said. “There are five low-income buildings in California, meaning some people are used to going right down the street to bank. Going elsewhere to do that is difficult for some.”
The existing Key Bank site in the borough is a possible location, Alfano said. “Key Bank remodeled it a few years ago and everything is nice there.”
Ninety-one years later, cfsbank is poised for another community endeavor.