On Main Street in Franklin rests the solid and sturdy façade of Pendleton Community Bank.
A century and a few days ago, Farmers and Merchants Bank of Marlinton opened its doors to serve that timber town.
Now, headquartered in Franklin, that same deep-rooted institution serves eight communities in West Virginia (including its original Marlinton home base) and six in Virginia. Over time, as it has evolved and expanded, PCB has always put a premium on its relationships with the local people and the surrounding area.
PCB has served as a vital block in the county’s economic foundation ever since. Part of serving in that role has required the bank to both evolve and expand to meet challenges and take advantage of opportunities.
That means that as the bank stares confidently forward into the future, it never forgets its origins and traditions.
Jonah Spence, a Virginia branch executive for PCB, shared on a 2024 podcast that “agriculture is in our roots and remains a big part of what we do at PCB.” The institution’s website states “since 1925, PCB has been your agribusiness partner” and offers a suite of agriculture specific financial services and products. It also remains active in supporting agriculture organizations, for example purchasing at the Future Farmers of America eggs ham and bacon sales. Approximately 60 percent of the bank’s business is commercial with a substantial part of that in support and service of agriculture.
Over time, PCB has expanded north into Hardy County, west into Beckley, and east into the Shenandoah Valley, giving it a broadly diverse range of customers. While many enjoy the convenience of modern online banking products and apps, a number of other customers either prefer face to face interaction or even live in areas where they cannot access the internet due to federal regulations governing their local area and no land-based access.
“If somebody needs to talk to you in person,” explained Spence, “you have got to be readily available” whether they come in person or need assistance over the phone. He added that “I think that sets us apart as a community bank.”
“We take pride in the fact that if you call our office, you’re going to be able to speak to someone on the line. We want to make sure our customers are taken care of in the ways that they need to communicate,” he elaborated.
This approach dovetails with the personal philosophy of 22-year bank president Bill Loving. He explained in a 2022 interview that “our vision has not changed from its founding in 1925. We are still people-centered and community-driven, supporting the needs of the community any way we can.”
He went on to state that “after I joined the institution, we developed our mission statement that has not changed appreciably in 22 years.”
Loving’s role has helped to elevate the voice of the Potomac Highlands to the national stage.
The bank continues to earn awards and accolades. Loving shared in the interview that PCB had earned an award in agricultural lending. Even more impressive, Independent Banker rated PCB 11th in the nation in its lender score for institutions with between $300 million and $1 billion in assets.
This category places PCB in the category of a community bank. The Federal Deposit Insurance Corporation says of these banks that they “focus on providing traditional banking services in their local communities. They obtain most of their core deposits locally and make many of their loans to local businesses.”
It adds that “they have specialized knowledge of their local community and their customers. Because of this expertise, community banks tend to base credit decisions on local knowledge and nonstandard data obtained through long-term relationships and are less likely to rely on the models-based underwriting used by larger banks.”
Over the years, community banks face the structural problem of competing against larger institutions with more capital and brand recognition. They also have to endure regulations imposed at the federal level by those with limited knowledge for or appreciation of the role of community banks.
Loving has served in leadership roles with national community banking organizations. Through the years, he has worked with the offices of federal elected officials, such as Senators Joe Manchin and Shelley Moore Capito, as well as former Congressman and member of the House Banking Committee Alex Mooney, as well as current Representatives Carol Miller and Riley Moore.
In this fashion, the problems encountered in trying to provide proper service to both rural and urban markets in a tighter regulatory environment got directly communicated to those who needed to hear that information.
With a proud past and confidence in the future, PCB will continue to change as the times dictate, but never forget the core values of a bank with a century of experience serving the region and beyond.