Pocono News Section

Bank Celebrates Record Year

Bank Celebrates Record Year - Friday, February 6, 2009 at 4:47PM EST

Reported by: Laurie Monteforte
Friday, Feb 6, 2009 @ 04:47pm EST
STROUDSBURG - While big banks are crying the blues and withholding loans, one local bank is doing just the opposite. The East Stroudsburg Savings Association has refused government bail out money and continues to earn a profit.

The bank and trust earned more than ever last year. Norman Frisbie thinks he knows why. He's been banking with ESSA for thirty years and never had a problem. "They're very helpful," he explained.

ESSA President and CEO Gary Olson said, "Good customer service, we say, is our number one product." Branch Manager Roxanne Odierno added, "It's just a much more personal touch."

A conservative approach to banking also helps. ESSA does not issue risky mortgages and makes sure customers can actually afford loans. "When we make a loan to someone we want them to thrive and prosper with that loan. We don't set people up to fail," said Olson.

While big banks fail and beg the government for help, the local company adds old fashioned lending principals with customer service to come up with a profitable bottom line.

ESSA plans to hire more workers this year. Managers also expect to open new branches soon though they couldn't share an exact time line.