PS Bank Announces SBA Preferred Lender Status PS Bank is pleased to announce that it has received Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). Achieving PLP status is another milestone for PS Bank and its lending team as its portfolio continues to expand throughout Northeastern and North Central Pennsylvania. PS Bank was nominated for the designation by the Philadelphia SBA field office because of its experience and expertise with SBA lending. PS Bank offers a variety of SBA loan options for small business owners to meet expansion, acquisition, refinance, and working capital needs. As a preferred lender, PS Bank can close transactions in a more seamless way – removing documentation hurdles and speeding up the loan approval process. PLP accreditation is based on an SBA review that analyzes loan processes, loan servicing, loan package development, and overall performance. Banks are reviewed based on their risk rating, default rates, purchase rates, loss rates, on-site reviews, loan volume, and more. “Our lending team’s dedication to the success of each business customer, their customized approach to meeting business objectives, and their experience handling SBA transactions has led to our designation as a preferred lender,” said Anthony J. Gabello, President and CEO. For over 100 years, PS Bank’s experienced lending team has developed close relationships with business owners in a variety of sectors. “Our team was especially successful during the outbreak of COVID-19 in their ability to service nearly every business that sought financial support through the Paycheck Protection Program. Regardless of business size, the necessary support was provided to each and every customer,” said Gabello. Paul Walsh, vice president and commercial loan officer, has used the SBA program for over 20 years. “Put simply, SBA lending is good prudent lending. It benefits borrowers by providing lower down payments and longer terms than traditional bank financing, keeping money within the business instead of tying it up in fixed assets or other expenses,” said Walsh. “Throughout my career, SBA Lending has enabled me to provide small businesses with the best financing options available.”
PS Bank Supports Lackawanna Trail School District PS Bank is proud to support the Lackawanna Trail School District for the 2021-2022 academic year with a charitable contribution of $5,000. PS Bank is an ardent supporter of the district as well as the greater Factoryville, Nicholson, and Dalton community. In acceptance of the monetary donation, Business Manager Keith Glynn said, “The money provided by PS Bank over the past few years has helped to provide resources for sports and music in the classroom where budgets may not have been able to stretch. For this year, we will be using the funds to buy a district-wide license for Kami which is a digital learning platform tool to help our educators create engaging and interactive materials in a virtual environment.” The relationship between Lackawanna Trail and PS Bank extends beyond annual donations in support of students. “Lackawanna Trail is extremely grateful for the relationship with PS Bank. On top of the great financial services provided through the local branches, the bank has strived to meet the needs of our organization and has been a great tool for us in our financial planning strategies,” said Glynn. Anthony Gabello, President & CEO of PS Bank knows that supporting public schools is the foundation of a prosperous community and is proud to have such a great relationship with Lackawanna Trail. “PS Bank is proud to support the Lackawanna Trail School District again this year. Serving the students and faculty of the district with our annual sponsorship of the high school auditorium allows school leadership to continue to provide an outstanding educational experience,” stated Gabello. PS Bank serves the Lackawanna Trail community at 118 College Avenue, Factoryville. For more information about banking at this branch, please reach out to Janice Bevacqua, Assistant Vice President & Branch Manager at jbevacqua@psbanking.com.
