UWCHLAN — Citadel Credit Union is rolling out a new business banking division this week designed to offer products and services that support the financial needs of businesses across the Greater Philadelphia region.
Citadel has been piloting the program for the past three months, and officially launched its business banking division on Monday, Aug. 1. A multichannel marketing campaign — “Better Business Banking Has Arrived” — will help spread the word.
Earlier this year, the Chester County-based Citadel brought on a team of business banking experts to build the new division and establish partnerships with clients around the region.
“We are ready to hit the ground running and partner with businesses of any size in the region. Our goal is to be the financial partner of choice for businesses looking to ensure prosperity and a stable future,” Jeff March, president and CEO, Citadel Credit Union, said in a statement.
Citadel had been planning to launch a business banking division in 2020, before the pandemic happened, according to Phil Sutliff, head of business banking at Citadel.
“Then, with the pandemic, what happened to local businesses no doubt shed light on a need in the Greater Philadelphia region for businesses to have a banking partner that supports their stability — and strength — no matter what,” Sutliff said in an emailed response to questions. “So, it only crystalized what we knew: This rollout needed to happen, and Citadel was well-positioned to be the solution for many businesses in our area.”
Citadel has offered commercial lending, owner-occupied mortgages, and business credit cards. Some members — who are business owners — have also used Citadel for their business banking needs, according to Sutliff. He added that with the success of the commercial lending arm, “Citadel Credit Union was set up well to fully expand our offering to current and new business clients.”
“But our deposit products weren’t structured or optimized for business banking and were just consumer accounts,” he said in the emailed response.
With the launch of the banking division, all current business clients will automatically be upgraded and transitioned to the business versions of their current accounts, he added.
What is New?
Citadel Business Banking will offer a full suite of products and services for businesses of all sizes across the region. With the assistance of an advisor, each business client will be able to customize a product mix tailored to their current needs.
Options include a variety of flexible checking and savings accounts, certificates, business loans, commercial mortgages, online banking tools, and cash management solutions such as merchant services, remote deposit, HR, and payroll services. The team will also offer banking specialization for private medical, veterinary, and dental practices.
Over the past four months, Citadel has run a pilot program of the new program that involved some of the credit union’s existing business clients, as well as some new commercial clients that will transition into lending customized packages once the new division is fully launched, according to to Sutliff.
Citadel has “unique expertise and level of service that businesses just don’t receive today,” according to Sutliff. That expertise, he said, is important as businesses “face inflation, supply chain disruption, and labor market challenges.”
“Our mission, of course, is to build strength in our communities so they can prosper — so this initiative is very mission-aligned for Citadel,” he said in the emailed response.
Citadel’s Business banking division is comprised of five relationship managers, including Sutliff, who joined Citadel in October 2021. In addition, a large group of existing employees participated in a certification program — becoming Citadel’s “Financial Champions.”
“Once hired, I built my team of relationship managers, who are folks I worked with in the past, mostly at large banks. In addition, we are leveraging our commercial lending team and our trained champions — which will represent the full business banking team. We’ll likely grow this team in the future,” he said in the emailed response.
In addition to Sutliff, the team includes senior relationship managers Kye Kreutzberger, Eric Murchison, Anil Punjwani, and Brendon Robinson. The internal development program for financial champions was part of Citadel’s pilot phase over the last several months.
For more information about the business banking division visit CitadelBanking.com/Business.