Harrisburg, Pennsylvania — An Economic Profile
FINANCIAL SERVICES
HARRISBURG SERVES AS THE REGION’S CORPORATE FINANCIAL CENTER DUE TO ITS STRATEGIC ROLE AS STATE CAPITAL AND LONG TRADITION OF BEING AN ECONOMICALLY CONDUCIVE SETTING FOR THE CLUSTERING OF THE BANKING AND FINANCIAL BROKERAGE INDUSTRIES.
While more recent bank mergers and acquisitions by larger statewide and super-regional financial institutions have resulted in a decrease in the number of smaller independent banks, Harrisburg remains a regional headquarters for banks held by non-local financial corporations. With the city’s economic development resurgence, Harrisburg has become the financial center for the Central Pennsylvania area.
M&T Bank is a regional, diversified financial services company offering a broad range of products to governments, businesses and individuals. M&T ranks number one in deposit market share in the Harrisburg metro area and employs more than 1,000 people in the region. The bank traces its roots in Harrisburg to 1835 as the Harrisburg Savings Association, which later became known as Dauphin Deposit Corporation. M&T’s Pennsylvania headquarters are located in downtown Harrisburg at 213 Market St.
M&T was founded in 1856 and has grown to a network of more than 670 branches in New York, Pennsylvania, Maryland, Virginia, West Virginia and Washington D.C. The company has assets of more than $50 billion and ranks as one of the 20 largest U.S. banks. M&T lives up to its motto of “Understanding What’s Important” by taking an active role in all the communities it serves. The bank provided financial and volunteer support to more than 50 non-profit organizations in the Capital Region last year. M&T is a major supporter of many local projects, including the Community Action Commission and the WITF-Building For a Lifetime of Learning capital campaign.
Waypoint Bank, the largest financial services provider headquartered in Dauphin, York and Cumberland counties, offers a full range of banking products, including traditional banking services as well as Trust and Investment, Brokerage and Insurance services. In addition to having 58 branches in south central Pennsylvania and northern Maryland, Waypoint is the largest originator of residential mortgages in its market area. Waypoint has partnered with W.F.G. Capital Advisors to provide a full range of investment banking services and consultation.
PNC Bank strives to exceed the needs of the Harrisburg business community with the expertise of professionals, the quality of financial products and commitment to Harrisburg. Community and economic development is a powerful focus of PNC’s mission. To address these needs, PNC has a formal grant-making body titled the PNC Foundation which was formed to provide a formal means and process for community giving. Within the PNC Foundation, there are five subcategories: Community Investment, Health and Welfare, Education, Culture and Arts and Civic Activities. Organizations that have benefited from grants issued by the PNC Foundation are the YWCA of Greater Harrisburg, Whitaker Center for Science and Arts, Penn State Harrisburg, the Harrisburg Parks Partnership and the Capital Region Community Action Commission.
While PNC offers restricted gifts through the PNC Foundation and cannot support every worthwhile cause, PNC sponsors many community events. By supporting projects such as the United Way Day of Caring, the Harrisburg Holiday Parade, the Harrisburg Symphony and banking programs at city elementary schools, PNC is an important partner in Harrisburg’s renaissance.
Commerce Bank/Harrisburg, N.A. Known as “America’s Most Convenient Bank,” Commerce Bank provides seven-day branch banking, totally free checking, the longest business hours in the region, 24-hour customer service, telephone banking, on-line banking and minimal fees. Commerce Bank was voted “Best Bank” by Harrisburg Magazine, and has been awarded Preferred Lender Status by the U.S. Small Business Administration (SBA). Founded in 1985 and headquartered in metropolitan Harrisburg, Commerce has steadily grown to serve customers in Dauphin, Cumberland, York and Lebanon Counties. The Bank continues to move toward its goal of building a network of 25 branches and increasing assets to $1 billion by 2005. The unique retail philosophy that drives Commerce bank’s growth is what has continued to reinforce the Bank’s competitive advantage in Central Pennsylvania.
Mellon Bank-Commonwealth Region. With its corporate offices located on the 12th Floor of the PNI Tower in downtown Harrisburg, Mellon Bank-Commonwealth Region serves consumers and small businesses through its network of 29 traditional and supermarket banking locations in Dauphin, Cumberland, Franklin, Lancaster and York Counties. Founded in 1869 as T. Mellon and Son’s Bank, Mellon Financial Corporation today is a global financial services company headquartered in Pittsburgh. Mellon offers a comprehensive package of banking services for individuals and corporations and is one of the world’s leading providers of asset management, trust, custody and benefits consulting services. Mellon has $2.8 trillion is assets under management, administration or custody, including $540 billion under management. The Bank’s asset management companies include The Drefus Corporation and Newton Investment Management Limited (U.K.).
First Union, one of the Nation’s largest financial service providers, is a unique and innovative financial services company that provides the best aspects of a traditional bank, investment bank and asset management company. The bank’s regional headquarters are located at 30 N. Third Street in downtown Harrisburg and serve Dauphin, Cumberland, Lancaster, Lebanon and York counties in which 44 financial centers are conveniently located. With $247 billion in assets, First Union is a leading provider of financial services to 15 million retail and corporate customers in 12 states along the East Coast, and is the 6th largest Bank Holding Company and the 6th largest Brokerage Company in the Nation. Customers may access their account information and purchase financial products at any one of more than 2,200 retail offices and 3,800 automated teller machines. The Bank’s mission is to build customers for life with smart, straightforward financial solutions.
M&T Bank. With its regional headquarters located in Keystone Plaza downtown Harrisburg, M&T Bank is one of the country’s most highly regarded regional banks. Founded in the mid-19th Century, the Bank’s parent company, M&T Bank Corporation, is the Nation’s 30th largest bank holding company with pro forma assets of approximately $29 billion. The Bank operates more than 450 branches throughout Pennsylvania, New York, Maryland and West Virginia with more than 900 ATM locations as well as state-of-the-art telephone and Web Banking services.
Vartan National Bank has been serving the communities of South Central Pennsylvania since 1919 as an independent community bank. With Harrisburg area branch offices located in the City, Progress, Susquehanna Township and the Borough of Dauphin, the Bank is committed to providing the highest levels of personalized service while embracing the technologies of the future.
Fulton Financial Corporation is a bank holding company that provides a wide variety of retail and commercial banking and investment management and trust services to customers located primarily in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through 11 wholly owned banking subsidiaries. Fulton Bank, the lead bank in Fulton Financial Corporation, was established in 1882. Today, the Bank has more than 50 branch locations and 53 MAC(r) ATM sites throughout Lancaster, Dauphin, Cumberland, York and Chester counties. The regional office, serving Dauphin and Cumberland Counties, is located in downtown Harrisburg at 200 North Third Street.
Harrisburg is also home to a number of major stock brokerage firms including Salomon Smith Barney, Morgan Stanley Dean Witter, Charles Schwab & Co., and Olde Stockbrokers. Additional major firms located within the inner metropolitan area include Merrill Lynch, Janney Montgomery Scott LLC, Edward Jones, Fahnestock & Co., Legg Mason Wood Walker, Inc., and Prudential Securities as well as the investment-banking firm of BVFR Financial Services. Major certified public accounting firms include Ernst & Young, KPMG, PricewaterhouseCoopers LLP, and Brown Schultz, Sheridan and Fritz.
