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Somerset Trust Company

From Wikipedia - Reading time: 9 min
Somerset Trust Company
IndustryBanking and Finance
Founded1889
FounderEdward Scull
HeadquartersSomerset, Pennsylvania,
United States
Area served
Key people
G. Henry Cook (CEO)
ServicesFinancial services · Retail banking · Online banking · Mobile banking · Investment services · Trust services
Total assets$1.1 billion USD (Dec. 2016)
Websitewww.somersettrust.com
Map of Somerset Trust branches, as of December 2020
Green: Regular branches
Blue: Pass-through locations (within supermarkets, malls, etc.)

Somerset Trust Holding Company, doing business as Somerset Trust Company, is an American bank and financial services company headquartered in Somerset, Pennsylvania. As of December 31, 2016, the bank's assets are totaled at $1.1 billion.[1] Somerset Trust Company's branch network serves the Pennsylvania counties of Somerset, Westmoreland, Cambria, Bedford, and Fayette County, with a branch in Garrett County, Maryland. Somerset Trust Company elected to deny the government TARP (Trouble Asset Relief Program) money in 2008.[2]

History

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In 1889, Congressman Edward Scull and his son, George R. Scull, established The First National Bank of Somerset. Edward Scull served as president and chairman of the board until he died in 1900. Following his passing, George R. Scull assumed leadership, orchestrating the formation of the Somerset Trust Company and continuing to manage The First National Bank of Somerset.[3]

On December 20, 1900, Governor William A. Stone granted a charter, formally incorporating the Somerset Trust Company as a state-chartered financial institution in Pennsylvania. This initiative was led by a consortium of six entrepreneurs, with George R. Scull at the helm. The establishment of Somerset Trust Company positioned it to engage in bonding activities and provide a range of financial services that were beyond the capabilities of the First National Bank of Somerset. This strategic move facilitated enhanced competition and diversified the financial landscape in the region.[4]

George R. Scull remained director and president of both The First National Bank of Somerset and Somerset Trust Company until he died in 1935. John I. Scull, his son, succeeded him and continued down the family line by serving as president of both banks twice. Those two terms were 1935 to 1938 and 1949 to 1853. Between his two terms, Ernest V. Cook, former artillery major of World War I, served as president of the First National Bank of Somerset.[5]

New regulations erased most of the differences between the powers of federal and state-chartered banks. Consequently, The First National Bank of Somerset and Somerset Trust Company were merged in 1953 under Somerset Trust's charter to achieve the economies of scale inherent in the operation of one bank as opposed to two. At that time, combined assets of the banks totaled approximately $8 million.[6] John I. Scull retired in 1954, and George Scull Cook became the chief executive officer of Somerset Trust Company, leading the bank for thirty-four years. During his time as CEO, assets at the bank grew to $145 million.[7]

During the 1970s, the bank acquired property on West Main Street in Somerset and moved its headquarters. The property located at 151 West Main Street once held the print shop of Frederick Goeb, where the first Bible printed west of the Allegheny Mountains was printed.[8] Today, Sean Cook currently serves as CEO of Somerset Trust Company.[9]

Community Initiatives

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Flight 93 National Memorial contributions

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Somerset Trust Company played a role in post-United Airlines Flight 93 recovery efforts in Somerset County as a result of the September 11 attacks in 2001. Somerset Trust's former CEO, G. Henry Cook, served on the 15-member jury designated to choose the design of the Flight 93 National Memorial. The bank contributed more than US$50,000 to the memorial project and assisted in underwriting consulting services.[10] The United States Navy commissioned the USS Somerset in honor of Flight 93 passengers,[11] Somerset Trust made significant financial contributions to match funds for the commissioning ceremony held in Philadelphia.[12]

Connellsville Union Passenger Depot

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In 2014, Somerset Trust Company bought the P&LE Train Station in Connellsville. They purchased the buildings at the station site along West Crawford Avenue with plans to restore the original station; a site listed on the National Historic Register.[13] Officials of Somerset Trust and the Fayette County Cultural Trust joint-hosted a meeting for the general public interested in the development of the train station.[14] The grand opening was held for the branch at the newly restored building on October 25, 2014.[15]

Mobile banking efforts

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The bank has implemented features to attempt to create an easier user experience, including a mobile app that allows customers to log in with a fingerprint instead of a password, turn on and off their debit cards using the app and pay their bills with their smartphone camera. The bank has also made it possible for new customers to open an account using the mobile app, instead of signing up through online banking or walking into a branch.

"Most community institutions do not really have a good strategy for account opening on the phone," says Jim Burson, senior director at Cornerstone Advisors, a consulting firm in Scottsdale, Arizona. "Most people have the basic functional [items such as], 'I can make a payment, I can check my account balance.' But the big gap that needs to be closed is the account origination and loan origination piece of mobile."[16]

Gill says the bank simplified a lot of its own front-end and back-end processes to make it happen, so the app, for example, will scan identification such as a driver's license, process the identification verification and order debit cards automatically. The bank also sends disclosures electronically. The same account opening system will work online as on the mobile app. "We're trying to make this device independent," he says. "Our branches say it is so time consuming to open an account. It really makes the customer experience better."[17]

Somerset is using Bolts Technologies to launch the new account opening platform. It already uses Malauzai Software for its mobile platform and Fiserv as its core processor. Gill and Cook declined to provide estimates of the costs and savings associated with mobile account opening.

Only about 10.6 percent of all the banks and credit unions in the country had fingerprint authentication as of March 2016, according to an estimate in Mobile Banking Quantified, a report by research firm Celent and FI Navigator. Fewer than 1 percent had photo bill pay and 4.1 percent had debit card on/off switches in the app.[18]

References

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  1. ^ "Somerset Trust Holding Company". Bloomberg Business. Bloomberg L.P. Archived from the original on April 16, 2015. Retrieved 18 February 2015.
  2. ^ "Bailout Recipients". ProPublica. Pro Publica. 18 August 0202. Retrieved 19 February 2015.
  3. ^ Cook, George S. (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  4. ^ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  5. ^ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  6. ^ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  7. ^ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  8. ^ Rock, Vicki (2013). "Goeb Bible celebration planned". www.dailyamerican.com. The Daily American. Retrieved 18 February 2015.
  9. ^ "Somerset Trust Holding Company". Bloomberg Business. Bloomberg L.P. Archived from the original on April 16, 2015. Retrieved 18 February 2015.
  10. ^ "Never Breaking Trust With 9-11's Citizen-Soldiers". Pennsylvania Association of Community Bankers. Treansactions Magazine. Retrieved 18 February 2015.
  11. ^ "USS Somerset Pledge". ABC 23 News. January 3, 2014. Retrieved 16 April 2015.
  12. ^ "Never Breaking Trust With 9-11's Citizen-Soldiers". Pennsylvania Association of Community Bankers. Treansactions Magazine. Retrieved 18 February 2015.
  13. ^ Polacek, Karl. "Connellsville's railroad history to be preserved". Triblive. Pittsburgh Tribune Review. Retrieved 18 February 2015.
  14. ^ Henry, Nancy. "Somerset Trust Co. will conduct oral history project celebrating the Connellsville train station". TRIBLive. Pittsburgh Tribune Review. Retrieved 18 February 2015.
  15. ^ Henry, Nancy. "Somerset Trust Train Station Complex in Connellsville to hold grand opening". Tribune Review. Retrieved 3 August 2016.
  16. ^ "Somerset Trust Co. Becomes a Leader in Mobile". BankDirector. BankDirector Magazine. Retrieved 19 June 2017.
  17. ^ "Somerset Trust Co. Becomes a Leader in Mobile". BankDirector. BankDirector Magazine. Retrieved 19 June 2017.
  18. ^ "Somerset Trust Co. Becomes a Leader in Mobile". BankDirector. BankDirector Magazine. Retrieved 19 June 2017.
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