About
About Us
Leadership Team
Annual Report
Mutual Growth Podcast
Impact Report
Resources
Knowledge Center
Financial Calculators
Financial Quizzes
Security Center
Contact Us
Careers
Find a Branch Near You
215.788.1234
Find a Branch
215.788.1234
site logo
  • Personal
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
      • Credit Cards
      • Home Equity Loans & Lines of Credit
      • Home Mortgages
      • Personal Loans
      • Meet The Team
      • Apply for a Loan
    • Manage
      • Online Banking
      • Mobile Banking
      • Visa Debit Cards
      • Your Credit Score
      • Credit Cards
      • Zelle® Complete
      • Safe Deposit Boxes
    • Personal Banking Rates
    • Financial Calculators
  • Small Business
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
    • Manage
      • Cash Management
      • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • Commercial
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
    • Manage
      • Cash Management
      • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • How We Grow Communities
    • Community Commitment
    • Penn Community Foundation
    • Community News
  • Log in
site logo
  • Log In
  • Personal
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Manage
    • Personal Banking Rates
    • Financial Calculators
  • Small Business
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Manage
    • Meet The Team
    • Industries
    • Resources
  • Commercial
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Cash Management
    • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • Communities
    • Community Commitment
    • Penn Community Foundation
    • Community News
  • About
    • About Us
    • Leadership Team
    • Careers
    • Annual Report
    • Mutual Growth Podcast
    • Impact Report
  • Resources
    • Knowledge Center
    • Financial Calculators
    • Financial Quizzes
    • Security Center
  • Contact Us
Careers
Find a Branch Near You
215.788.1234

Redefining ‘Bankers’ Hours’ for Today’s Always-On Businesses

Philadelphia-area contractor D.M. Sabia & Co., Inc. prides itself on providing high quality masonry work that will stand the test of time. Since the business’ founding in 1923, the Sabia family and their crews have been responsible for some of the region’s most notable masonry projects, including the wall of Chelmsford granite that undulates throughout the Liberty Bell Center, the glazed brick, granite and cast stone of SEPTA’s 63rd Street Station, and the bluestone paving, granite cannon plinth and cannons that welcome visitors outside the Museum of the American Revolution.

Over its nearly 100 years in business, the family-run firm has survived hard times, from the Great Depression of the 1930s to the Great Recession of the early 2000s. So when the COVID-19 pandemic hit Pennsylvania in March 2020, third-generation owner Nick Sabia knew the company was going to need some help if it was going to survive this crisis, too.

In just a period of months, $6 million in contracts – a prison in South Jersey, a luxury home in Center City, a major transportation job – were either cancelled outright or put on hold. Even more worrisome, payments on accounts receivable slowed considerably, as Sabia’s customers held on to their money longer. When the Paycheck Protection Program (PPP) was announced, Nick knew he needed it and he knew his Relationship Manager, James Li, and the rest of the team at Penn Community Bank were the ones to go to.

“The bank walked us through the PPP process. Once they had the information, the loan was turned around very quickly, and we had the money within a day or two,” Nick said. “Without PPP, we would have gone over our line of credit, because so many people were not paying us in a timely fashion. Even with a huge amount of PPP, we literally were still borrowing almost the entire year. So that tells you how bad it would have been had we not had PPP.”

The ability to take advantage of the PPP program and lean on Penn Community Bank’s personalized assistance when business was down actually dates back a relationship built when too much business was impacting Sabia’s finances.

In 2014, D.M. Sabia won the contracts for the two largest jobs the company had undertaken. The catch: the customers wanted crews to work seven days a week to get the job done as quickly as possible.

“You can imagine what that does to your payroll, with five regular days of pay, one day at time-and-a-half and another day at double time. That’s a lot of payroll,” Nick said. “On a job like that, by the time they give you the change order so you can bill for the work, and then by the time they actually pay for the extra work, it could take three months.”

With jobs running seven days a week, Nick could see that the company was going to need an increase in its line of credit, so he could pay his workers and keep the project moving even if the customer was slow to pay. But the large regional bank he was with at the time refused to expand the company’s line of credit. So he picked up the phone and called someone he knew at Penn Community Bank.

“I explained the situation to James and I told him the same things I had told the other bank. He got back to us immediately and his team jumped right in to get everything done. Within two weeks, we had an approved $3.5 million line of credit and we had moved all of our banking over to Penn Community Bank. James worked over time, double time, whatever it took to make the deal happen,” said Nick.  “Since then, James has been instrumental in pretty much any day-to-day issue we may have. No matter what the situation, no matter what time is it, if I call him, he either picks up the phone or he returns the call quickly. He really facilitates everything we do.”

As  a Commercial & Industrial Lending Team Leader, James said the relationship with Nick and D.M. Sabia exemplifies the personal approach Penn Community Bank takes to business banking and lending.

“Today’s businesses don’t just operate 9 to 5, Monday through Friday. Business leaders, like Nick, need bankers and lenders who understand that and are willing to return phone calls, texts and emails even after hours,” said James. “When we meet with businesses like D.M. Sabia we see so much potential and really want to start relationship that helps them grow and thrive.”

Nick drew upon that relationship again when D.M. Sabia was awarded the contract to build The Commons at Villanova University, six new residence halls of apartments and suites designed to foster a sense of community, with a TechZone, convenience store, fitness centers, restaurant and outdoor gathering spaces. The $28 million contract raised the bar again as the largest job D.M. Sabia had undertaken. Once again, it would require a large investment in ongoing payroll. Nick again turned to the lenders at Penn Community Bank.

“I went to James and said, ‘We’ve got this big job coming up. We’ve run some projections and I think we need our line to be increased to $7 million, just in case,’” Nick said. “In the end, the job went well, and we didn’t have any really delayed payments, so we didn’t need to draw on that increase, but it was good to know that we had it if we needed it.”

For its work on The Commons at Villanova University, D.M. Sabia won “Best Specialty Contractor Project” in November 2020, part of the Annual Construction Excellence Awards sponsored by the General Building Contractors Association.

“Penn Community has been there for us every time we’ve needed them,” said Nick. “When they make a commitment to us, they honor it. As a contractor, I can’t tell you how much that means to me.”

Posted on February 22, 2021May 27, 2021Author Penn Community BankCategories Business Banking, COVID-19, General

Post navigation

← What’s The Easiest Way To Save? Automatically
Reflections During Women’s History Month with Sue Matthias – Branch Manager, Riegelsville →

Search

Recent Posts

  • Celebrating the Career of Diane Brown
  • Reflections During Women’s History Month
  • Daylight Savings: Spring Savings Tips
  • Protect Your Accounts by Avoiding Phishing Scams
  • Celebrating International Women’s Day

Categories

  • Business Banking
  • COVID-19
  • DE&I
  • Digital Banking
  • Economic forecast
  • Financial Literacy
  • General
  • Personal Banking
  • Podcast
  • Residential Lending
  • Security

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • November 2018
  • October 2018
  • August 2018
To give you the best possible experience, this site uses cookies and by continuing to use the site you agree that we can save them on your device.
Accept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT

215.788.1234 Find a Branch Near You

Personal Bank Borrow Manage Personal Banking Rates Financial Calculators
Small Business Bank Borrow Manage Meet The Team Industries Resources
Commercial Bank Borrow Manage Meet The Team Industries Resources
How We Grow Communities Community Commitment Penn Community Foundation Community News
Security Center Privacy Policy
Accessibility Statement Site Map

US Routing Number: 231373182 
|  Penn Community Bank NMLS #: 434939

© 2023 Penn Community Bank. All Rights Reserved