A community bank in a Philadelphia suburb has succeeded CoreStates Financial Corp. as the preferred financial institution for a trade group of 600 high-tech businesses.
Progress Bank, a $312 million-asset institution based in Blue Bell, Pa., will be the Technology Council of Greater Philadelphia's Techbank-the designated provider of financial services to the council's member businesses.
The three-year endorsement gives Progress "a way to differentiate ourselves and serve a niche market," said Steven D. Hobman, senior vice president for specialized lending.
Before joining Progress in 1996, Mr. Hobman worked in CoreStates' technology group.
He said Progress primarily will promote loans and cash management products to Technology Council members. "These companies are growing quickly and have credit needs," Mr. Hobman said.