A century-old-bank in a historic immigrant neighborhood in Philly
Sometimes a bank’s history and background are uncomplicated. Almost boring. But just because something is simple doesn’t mean it’s unimportant. The work Port Richmond Savings bank has been doing in the Port Richmond neighborhood of Philadelphia, PA, since 1919 is a perfect example of this. Their mission has remained basically the same since their inception, and their consistent practice of neighborhood investment and relational customer service has made them indispensable to their neighbors.
Port Richmond has always been a neighborhood that attracted immigrants, especially from Eastern Europe, and the population is heavily Polish. According to the 2013 census, the neighborhood has become even more diverse in recent years, with a booming Puerto Rican population. Port Richmond Savings has been serving immigrants in the city for more than a hundred years now, so they’re equipped to handle all of the financial needs of those communities.
We found Port Richmond Savings because they’re the first result that comes up in our search engine when you look up Philadelphia, meaning they do a significant amount of quality lending from their single branch. These are wealth-building loans, like small business and housing loans, which allow families to build something that won’t depreciate in value over time. About two-thirds of their lending goes to housing, and the other third is devoted to small business loans. The fact that they have all of their assets at work in the community makes them not just a Better Banking Option, but an excellent one.
They don’t have much information on their pared-down website, but they do state that they offer both online and mobile banking, so even those not located in Port Richmond can invest in this bank and neighborhood. We’d recommend them to anyone looking to invest in immigrant communities in Philadelphia.