PERKASIE, Pa. (February 2022) –Penn Community Bank, the largest mutual bank in eastern Pennsylvania, announced it has implemented the Lenders Cooperative Loan Origination System (LOS) which is focused on small business and commercial product lending. The LOS platform provides a fully online digital experience for the bank’s customers allowing them to apply for their capital needs anytime, from anywhere. In addition to the enhanced front-end customer experience, the platform will automate many of the bank’s back-office workflow tasks, allowing the team to make decisions and close loans more efficiently and effectively.
“The team at Lenders Cooperative has been a great partner over the years,” said Jake Iampietro, Director of Retail Banking at Penn Community Bank. “We leveraged their LOS platform to provide access to SBA PPP Funding to thousands of our small business customers during COVID and as we transitioned to the new lending products and workflows in the LOS, we have continued to receive positive feedback from our customers relative to their experiences accessing the Platform. The Lenders Cooperative development team has combined both conventional portfolio lending products and Small Business Administration (SBA) lending products in a seamless end to end workflow which allows us to extend more of the needed capital to our customers who are building and growing their businesses across our communities.”
“Lenders Cooperative is excited to expand our partnership with Penn Community Bank to provide innovative lending products and solutions to meet the needs of their customers,” said Loughlin Cleary, President, and National Sales Director at Lenders Cooperative. “With many former bankers on staff, Lenders Cooperative is uniquely positioned to help Penn Community Bank reimagine the customer lending experience, so they can focus on supporting and providing capital to their customers in the communities that they serve.”
About Lenders Cooperative: Lenders Cooperative is a client-owned cooperative representing a community of over 140 and growing forward-thinking banking institutions leveraging best-in-class loan origination software coupled with shared services, including credit underwriting, SBA LSP support, bank operations and white labeled call center support. With solutions built and supported by veteran bankers, the Cooperative also offers customers a deep knowledge base, the ability to exchange best practices and a direct role in guiding the development and implementation of new technologies.
Lenders Cooperative helps community and regional financial institutions think differently on modernizing their lending solutions, improving internal workflow processes, and streamlining back-office operations so they can focus on their real strength – supporting their customers. Visit the Lenders Cooperative community today to join and learn more.
About Penn Community Bank: Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking, lending and investments at branches and administrative centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.