Saturday, July 16, 2011

Why So Many Banks in Media?

If you've driven down State Street recently you may have seen the construction going on at the corner of State and Monroe St. (former Benari jewelry store) for the new WSFS bank branch.  If you haven't, Wall Street Journal's, Market Watch covered the press release of the announcement.
"Media is an ideal community for WSFS Bank to expand its services in southeastern Pennsylvania," said Rick Wright, Executive Vice President of Retail Banking & Marketing for WSFS Bank. "We are happy to provide our Customers a prime location on East State Street and fulfill our promise of exceeding all service expectations for personal and business banking in Delaware County."  (As reported by Market Watch)

Bryn Mawr Trust in Media, PA
I can think of at least 12 banks in the borough and many within the shadows of another.  So why is Media saturated with bank branches? That still remains a good question.  I once heard that if a bank is to open in Delaware County, it also opens one in Media to compete in a market that's central to the county seat and supporting businesses.  I've yet to substantiate that, but it does make some sense.  

So among the many choices of banks in Media, I've always been fond of First Keystone Bank, which is now Bryn Mawr Trust.  They truly do capture the "community" bank feel and have been tremendously supportive towards Media and other communities through their sponsorships and contributions to local events.  


  1. Great point! You should investigate which of these 12 banks do what for Media (and which are the squaders).

  2. What's a squader?