Somerset Trust’s culture of innovation

The Union Hotel partnered with Somerset Trust to help them have “more success than they could have imagined.” Photo: Provided.

When Mona and Randy Shaw bought the historic Union Hotel, they saw the purchase not just as a business opportunity for themselves, but as a chance to make a difference in Everett.  The hotel, which was originally built in 1802 and occupied by Union troops during the Civil War, had been closed since 2016. Relaunching the hotel has been a critical success. “We have seen more success than we imagined,” Mona shared. And it’s thanks in big part to their partnership with Somerset Trust.

Vice President and Commercial Loan Officer Bill Wise calls Somerset Trust “a big bank that operates like a small bank.”

“It’s what makes us different,” he said.

Somerset Trust Company is deeply embedded in the fabric of the communities that it serves.  The Bank has been independently owned and managed for 134 years, has grown to 44 branches, is roughly $2B in assets and boasts 460 employees.  It is responsible for creating National FinTech Day on August 20 and was previously named one of the 20 most innovative banks in the United States by the Independent Community Banks of America (ICBA). It’s been voted “Best Banks to Work For” by the American Bankers Association (ABA) and honored for its community impact by the Pennsylvania Association of Community Bankers (PACB).

“During COVID, we shut down our entire commercial lending department and reallocated those lenders to help process Paycheck Protection Program (PPP) loans,” Assistant Vice President & Economic Development Officer Joshua Miller said. “We did 2,806 loans and dispersed $252 million into the region, retaining roughly 20,000 local jobs. Helping our local businesses survive throughout the pandemic is something that we are really proud of.”

Helping businesses establish and grow

In his role as Economic Development Officer, Miller works with regional organizations like Startup Alleghenies, Bedford County Development Association and Southern Alleghenies Planning & Development Commission to help local businesses get established and grow.

“It’s what I do all day, every day,” he said. That means that when someone from a local nonprofit or startup reaches out to Somerset Trust, Joshua is able to look at the whole picture and connect them with the exact help that they need.

“I help connect them to local resources or other sources of government programming to help an entrepreneur or local company obtain their business objectives. I can offer a unique take to get them beyond the funding phase and work with them after they are established,” he said.

Listening, and helping to launch

This brings us back to the Union Hotel. The first contact was thanks to a ‘small bank’ moment. “I worked with Randy’s mom for years when I first got into banking!” Wise said. “And after what we’d done to help local businesses during COVID, Randy heard that we were easy to work with, so he reached out to me.”

With Randy’s background in business and Mona’s experience in hospitality and wellness, the team at Somerset Trust knew that the couple could reach their goals with the hotel purchase. “We were able to work with SAP&DC to help get them financed with the best terms available,” Miller added. “Most commercial lenders would have tried to fund the entire project through their bank directly, but Bill recognized this opportunity to partner with SAP&DC to get a better rate and terms. We were able to listen to the whole story and find what was the best solution for the borrower.”

The Union Hotel partnered with Somerset Trust to help them have “more success than they could have imagined.”

“Somerset Trust is great to work with,” Randy said. “ It started when we were having dinner at another establishment during COVID. I happened to ask the owner how things were going, and whether was he having any trouble navigating that difficult time, especially for the hospitality industry.  He said that his bank helped him navigate it well. They allowed extensions for his payments, etc. I knew then, Somerset was where we would go.  Throughout the process, they were creative and suggested we partner with Southern Alleghanies for a portion of our loan. They truly care about us.”

Miller said that listening to the issues and helping find solutions is something that goes beyond the startup phase. “We can help connect an employer that is experiencing workforce problems, or other issues with local, state and federal resources to assist them.”

He said that the Alleghenies has a culture of innovation, and the support to start and grow business. “We have such a culture of innovation. I believe that passionately,” he said. “It bleeds from this area. There are so many makers, and doers … the work ethic is incredible.”

“There’s no other region that has this [support] to get businesses off the ground. Startup Alleghenies is such an incredible resource, from coaching to business plan writing to finding startup capital to connecting with resources like Ben Franklin Technology Partners. There are so many resources.”

For information about how Somerset Trust can help your business, you can email Bill Wise at wwise@somersettrust.com.

Startup Alleghenies helps startup and emerging small businesses succeed by providing free coaching to entrepreneurs in Bedford, Blair, Cambria, Fulton, Huntingdon and Somerset counties. To access personal, one-on-one support from a coach in your county, including guidance, resources, tools and networking opportunities, sign up at startupalleghenies.com.