Firstrust Bank plans to grow assets by one-third as part of a strategic plan through 2030. The bank also plans to open new retail branches for the first time in six years.
CEO Tim Abell said Firstrust wants to expand its geographic footprint. Specifically, the bank plans to open one branch in South Jersey and another in Chester County. Additionally, leadership is considering a location in Delaware County.
Firstrust has not yet selected specific sites for the new branches. However, the strategy focuses on filling gaps in the bank’s current regional coverage.
Currently, Firstrust operates 18 retail branches. Most locations sit in southeastern Pennsylvania, including Montgomery, Bucks, and Philadelphia counties. The bank also operates one branch in the Lehigh Valley and one in South Jersey.
The bank last opened a branch in August 2020 in Towson, Maryland. Over the past 20 years, Firstrust has added only two other Philadelphia-area locations.
Meanwhile, the bank also announced a strategic partnership with MortgageCountry, a direct lender based in Blue Bell. The partnership will support mortgage production and operational efficiency.
MortgageCountry will manage mortgage originations and oversee key operational functions. However, loans will continue to close under the Firstrust Bank name.
The partnership allows Firstrust to focus on sales and client relationships. At the same time, MortgageCountry will manage operational and technology processes.
*Article courtesy of Philadelphia Business Journal
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