You have been with the Bank of Bird-in-Hand since its inception in 2013. What has that journey been like, building the foundation and beyond?
It’s been an amazing journey. At the time m we came out of the gate, we were the first de novo in the country so that was a bit of a challenge. There had been no new bank charters issued by the FDIC for the last three years, and Pennsylvania had not issued any additional bank charters in the past five years.
We knew we had a great business plan; initially the target was the Amish and Mennonite, the Plain communities, who had some different needs and almost were considered underbanked in the area. Our vision of the de novo bank in this area was very personalized service, being able to perhaps do some of the loans maybe the larger banks didn’t want to do or get involved in. I don’t think any of us thought it would grow as fast as it has; we started off with $17 million in capital and currently we’re at $1.9 billion in assets, in just under 13 years.
What do you feel are the bank’s strengths in serving the diverse Lancaster County community?
It’s a very unique community in that it’s composed of a lot of small businesses, and the Plain community is a part of that, there’s a lot of agriculture. On the deposit side there wasn’t maybe as much need as on the lending side, like just for example farmers, they have a different payment structure on their loans and some of them, if they’re tobacco farmers, maybe get a check once a month, so loan payments are structured considering that. It’s very unique, it’s like a mixing pot of small business, agriculture, but yet businesses that probably many people would be surprised at the size of.
We started out small and tried to figure out how to serve all the areas, how to truly be a community bank in not only name but actually in function. We have four buses that are actually retrofitted as branches and go out to the community. Instead of having the people come to the bank, the bank comes to the people, and that’s been very successful for us.
Why are community banks so important in the banking industry?
I think it’s so important because it’s not just the transactional side, it’s the education side. We provide a lot of education to the Amish. It goes beyond services, developing that knowledge that maybe not everybody has — and not just the Amish, other startup businesses. We work closely with them and try to be a resource. All banks can do transactions, but it’s that cultural outreach, that service to the customers.
What is your favorite local event or activity?
We participate in a lot of events in the community but my favorite is one we actually hold once a year, our shareholder and customer picnic. It’s in the big field across from Bird-in-Hand Restaurant and there’s no charge. It’s an opportunity for our bank to thank these people for all that they did to get our bank up and running and to help with the growth of it.
Freelance writer Jennifer Botchie Deinlein
About Lori Maley
Lori Maley, 61, helped build the Bank of Bird-in-Hand from its inception in 2013, serving as chief financial officer and executive officer until 2017, when she became president and CEO. Before that, she was acting chief accounting officer, controller and senior vice president of Phoenixville, Pa.-based Customers Bank and previously served as chief financial officer, executive vice president and treasurer of Wyomissing, Pa.-based Berkshire Bank and as comptroller of Pennsylvania National Bank.
Maley holds a bachelor of science in business administration with a concentration in accounting from Bloomsburg University and a master’s degree in finance from St. Joseph University in Philadelphia. She is also a certified public accountant.
She resides in Schuylkill County.