S&T Bank
S&T Bank Headquarters Address
800 Philadelphia St.
Indiana PA, United States 15701
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About S&T Bank
S&T Bancorp is the bank holding company for S&T Bank, which serves customers from some 60 branch offices in western Pennsylvania. Targeting individuals and local businesses, the bank offers such standard retail products as checking, savings, and money market accounts; CDs; and credit cards. Business loans, including commercial mortgages, make up about three-fourths of the company's loan portfolio; the bank also originates residential mortgages, construction loans, and consumer loans. Through subsidiaries, S&T Bank sells life, disability, and property/casualty insurance; provides investment management services; and manages the Stewart Capital Mid Cap Fund.
The company's greater dependence on commercial real estate loans (nearly half of its loan portfolio) during the recession exposed it to larger credit risks, loan charge-offs, and nonperforming loans. Although revenues remained rather steady, net income plummeted some 97% in 2009. As the economy began showing signs of recovery the following year, though, so did S&T Bancorp. A substantial drop in loan loss provisions and net charge-offs helped the company improve results. However, a smaller loan portfolio and new regulations limiting service fees cut into the company's earnings overall in 2011. Although both interest and noninterest revenues shrunk 8% that year to $209.1 million, net income grew 9% to $47.3 million (though still short of the $60.2 million it netted in 2008).
Its rebound has been not only attributable to the strengthening economy, but also to a new strategy, which was designed to return the company to higher performance levels. S&T refocused its efforts on all of its main business lines: banking, credit, insurance, and investments. The company also also began to focus on market-specific needs by creating six geographic divisions. By introducing new mobile banking products and pushing for increased electronic delivery of its services, the bank has also saved a significant amount of money.
Retaining customers and attracting new ones is another way S&T has grown deposits. The company seeks to expand organically and through acquisitions. It added some 10 offices to its network when it bought fellow western Pennsylvania bank IBT Bancorp in 2008 and added another eight branches in central Pennsylvania through the 2012 acquisition of Mainline Bancorp. S&T now plans to acquire Gateway Bank, which will add two branches in the greater Pittsburgh area.
The company's greater dependence on commercial real estate loans (nearly half of its loan portfolio) during the recession exposed it to larger credit risks, loan charge-offs, and nonperforming loans. Although revenues remained rather steady, net income plummeted some 97% in 2009. As the economy began showing signs of recovery the following year, though, so did S&T Bancorp. A substantial drop in loan loss provisions and net charge-offs helped the company improve results. However, a smaller loan portfolio and new regulations limiting service fees cut into the company's earnings overall in 2011. Although both interest and noninterest revenues shrunk 8% that year to $209.1 million, net income grew 9% to $47.3 million (though still short of the $60.2 million it netted in 2008).
Its rebound has been not only attributable to the strengthening economy, but also to a new strategy, which was designed to return the company to higher performance levels. S&T refocused its efforts on all of its main business lines: banking, credit, insurance, and investments. The company also also began to focus on market-specific needs by creating six geographic divisions. By introducing new mobile banking products and pushing for increased electronic delivery of its services, the bank has also saved a significant amount of money.
Retaining customers and attracting new ones is another way S&T has grown deposits. The company seeks to expand organically and through acquisitions. It added some 10 offices to its network when it bought fellow western Pennsylvania bank IBT Bancorp in 2008 and added another eight branches in central Pennsylvania through the 2012 acquisition of Mainline Bancorp. S&T now plans to acquire Gateway Bank, which will add two branches in the greater Pittsburgh area.
Number of Employees in S&T Bank
501 to 1,000
S&T Bank Revenue
$100M to $500M (USD)
Industry
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