First Keystone Corporation
First Keystone Corporation is a Pennsylvania business corporation, and a bank
holding company, registered with and supervised by the Board of Governors of
the Federal Reserve System. The Corporation was incorporated on July 6, 1983,
and commenced operations on July 2, 1984, upon consummation of the acquisition
of all of the outstanding stock of First National Bank of Berwick (the predecessor
to First Keystone Community Bank). The Corporation has one wholly-owned subsidiary,
First Keystone Community Bank (the “Bank”), which has a commercial
banking operation and trust department as its major lines of business. Since
commencing operations, the Corporation’s business has consisted primarily
of managing and supervising the Bank, and its principal source of income has
been dividends paid by the Bank.
The Bank was originally organized in 1864 as a national banking association.
On October 1, 2010, the Bank converted from a national banking association to
a Pennsylvania chartered commercial bank under the supervision of the Pennsylvania
Department of Banking and Securities and the FDIC.
The Bank’s deposits are insured by the Federal Deposit Insurance Corporation
(the “FDIC”) to the maximum extent of the law regulated by the FDIC
and the Pennsylvania Department of Banking and Securities. The Bank is subject
to regulation by the Federal Reserve Board governing reserves required to be
maintained against certain deposits and other matters. The Bank is also a member
of the Federal Home Loan Bank of Pittsburgh, which is one of the twelve regional
cooperative banks comprising the system of Federal Home Loan Banks that lending
institutions use to finance housing and economic development in local communities.
The Bank’s legal headquarters are located at 111 West Front Street, Berwick,
Pennsylvania, from which it oversees the operations of its eighteen branch locations.
These locations consist of five branches within Columbia County, eight branches
within Luzerne County, one branch in Montour County, and four branches within
Monroe County, Pennsylvania.
The Corporation and the Bank are not dependent on deposits nor exposed by loan
concentrations to a single customer or to a small group of customers, such that
the loss of any one or more would not have a materially adverse effect on the
financial condition of the Corporation or the Bank. The customers’ ability
to repay their loans is generally dependent on the real estate market and general
economic conditions prevailing in Pennsylvania, among other factors.
0.72%