Local Bank Consolidation – Lending Climate
The Patriot News reports parent company of Harrisburg-based Graystone Bank to acquire First Chester County Corporation. This action strengthens the widely held notion that Graystone Bank is currently one of the few local banks looking to do deals. In a recent conversation, a Graystone LO recently remarked to me that “we are here and healthy” and that they are looking for deals that make sense.
These statements highlight what I see as the current commercial lending climate in Lancaster County: You can get financing for your commercial deal if your project pencils (debt coverage ratio greater than 1.2), you have sufficient down (20% or greater) and a track record of previous success.