PeoplesBank, a Codorus Valley Company: Helping Clients Achieve Their Dreams and Live Confidently for Almost 160 Years
In this Spotlight on Community Banks article, we spoke with Craig Kauffman, President and Chief Executive Officer of PeoplesBank. Mr. Kauffman discusses the banks mission driven approach to building stronger communities and supporting its clients’ financial goals.
PeoplesBank, with origins dating back to 1864, is focused on acquiring and nurturing financial relationships with small and mid-sized businesses. It also provides personal banking, mortgage banking, wealth management and real estate services. PeoplesBank is the largest full-service community bank headquartered and managed in York County. It currently operates financial centers throughout York County, Pennsylvania and northern Maryland and plans to expand its franchise. PeoplesBank has been listed on Nasdaq since 1997 and trades under the symbol “CVLY”.
How has your mission evolved over the last 159 years?
Going all the way back to our founding in 1864, the core mission of PeoplesBank has remained consistent. Every day our associates strive to build our community by helping our clients, both large and small, achieve their dreams and live confidently. From helping small businesses grow to the next level, to helping families save for life goals like college or retirement, our Financial Mentors get to know our clients and offer personalized solutions. Providing access to financial products and services to our clients is just one part of that special relationship with our community. We also cultivate a work environment where our associates can thrive and make a difference. And we focus on delivering value and prosperity for our shareholders.
How important is community involvement for a regional bank? What are some of the ways you’re working to better the communities you serve?
Building stronger communities is a critical part of our mission. We build stronger communities by supporting learning, living and growing through dedicating our time, talent and resources to organizations that advance these causes. We live out our commitment to being community builders in a variety of ways, through corporate and educational contributions, associate giving, community events and volunteerism. In 2022 alone we contributed $1.57 million to 123 organizations in our community. Our associates volunteered over 3,800 hours and served on 37 non-profit boards. We recently posted our Community Impact Report and I encourage everyone to take a look at some of the ways we are serving our communities.
Learn more about PeoplesBank in the community
What’s been the biggest surprise during your 26 years as a publicly traded company?
The answer one may expect is how quickly the industry has modernized and adopted change. And while the pace of change has quickened every single year, what is most surprising is how new technologies, new processes and new ways to bank all aim to deliver on a consistent client need, which is to partner with a trusted local bank that offers great services and products at competitive rates.
How we adapt from a technical perspective is important, but only if it helps deliver on this core client need. When we launched an online loan application that makes the process easier and faster, deployed award-winning Vision Boards at every Financial Center so our associates can better understand our clients’ aspirations, or even upgraded our business clients to our new online banking platform, we did so with the needs of our clients in mind.
Who is the ideal Codorus customer? How do you build customer loyalty?
PeoplesBank, A Codorus Valley Company, caters to individuals and small and medium-sized businesses in south-central Pennsylvania and northern Maryland who are looking for a partner in their financial journey. Our Financial Mentors endeavor to know our clients, learning about their immediate needs, as well as their goals and aspirations. We are then able to recommend solutions that meet those needs and lay the foundation to reach longer-term goals.
Our diverse clients appreciate the personalized service we provide, as well as the expert financial mentorship we offer. Our products and services are on par with those offered by larger banks, from credit cards to checking and savings accounts to small business loans and mortgage, we offer great products with competitive rates. And although we offer great products and services, it is our personalized approach to banking that builds and nurtures client loyalty and trust. It is a trust we have built upon since 1864 and something we work hard to earn every single day. Knowing your banker still matters to our clients, and it is upon this foundational premise that we continue to grow value for clients, the communities we serve and our shareholders.
What changes have you implemented that are having a significant impact on PeoplesBank?
Our focus on the company’s corporate governance has been one of the strategic shifts that helped us to enhance financial performance and shareholder value. The changes will be described in our proxy statement that is distributed in April, but a significant highlight is the addition of four new Board members assuming directorships in 2022. Keith Cenekofsky, Scott Fainor, John Kiernan and Kent Matsumoto joined the company’s board during the year, all bringing public company experience, substantial business expertise and leadership to the company. I am delighted to be able to welcome this additional talent to our Board.
Connect with PeoplesBank:
About Craig Kauffman:
Mr. Kauffman currently serves as President and Chief Executive Officer of Codorus Valley Bancorp, Inc., as well as its subsidiary, PeoplesBank, A Codorus Valley Company. He has served as a director of the Corporation since 2019 and a director of the Bank since 2018. Mr. Kauffman is a graduate of Millersville University with a Bachelor of Science degree and earned his MBA from the Pennsylvania State University. His is currently a board member of the Lancaster Safety Coalition, the Safari Club International Foundation, and is the Vice Chair of the Lombardo School of Business Millersville University Advisory Board.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Michael Spector
Nasdaq
Michael is responsible for managing relationships with Nasdaq listed companies in the South Central and South Western U.S.
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