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F&M looking to grow loans in Cumberland County

F&M Trust Co. wants to increase its loan portfolio, and it has set its sights on a high-profile midstate area: Cumberland County.

The Chambersburg-based bank, a subsidiary of holding company Franklin Financial Services Corp., told investors in a presentation this week that it is targeting Cumberland County in a bid to grow its loan portfolio over the next year.

The bank already has a presence in the county, where it is the ninth-largest in terms of deposit market share for retail banking operations, according to data from the Federal Deposit Insurance Corp. The bank has seven full-service locations in the county, as well as a drive-up-only location.

Outgoing CEO William Snell said Cumberland has been the fastest-growing county in Pennsylvania for the last five years and knows there is business to be done there.

He said the bank started expanding into Carlisle in 2006 then moved into the West Shore area in 2011.

“There is a significant potential for a large volume of loans,” Snell said, adding that market disruption from merger activity also will play a part in the bank’s aggressive plans for the county. “We’re continuing to grow and add people there.”

Tim Henry, the bank’s new president who will succeed Snell as CEO in the summer, said businesses in the community will “see more of us.”

Snell and Henry said the bank already has hired some key personnel in the county to help the process.

“We already have a foothold in the community, and we continue to bring in good people,” Henry said.

Snell said there are no plans for new F&M branches in Cumberland, and that growth through acquisitions is unlikely.

“We haven’t ruled it out, but I don’t know if there is anything in Cumberland County we would want to pursue,” he said.

Franklin Financial has more than $1 billion in assets and trades on the OTC Exchange at the ticker symbol FRAF.

The article was published on the Central Penn Business Journal’s (CPBJ.com)website on February 5, 2016.

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