Question 1

What is Reliance Savings Bank?

Accepted Answer

Reliance Savings Bank is a mutual community bank headquartered in Altoona, Pennsylvania, serving Blair and Centre counties. With approximately $648 million in total assets, the bank operates as a Pennsylvania-chartered stock and mutual savings institution with a commercial lending specialization.

As a member of the Independent Community Bankers of America, Reliance Savings Bank maintains a servant leadership culture focused on community banking, distinguishing itself as a locally-owned institution where depositors are the owners rather than external stockholders. The bank operates 8 branch locations across central Pennsylvania and employs approximately 84 people.

Question 2

When was Reliance Savings Bank founded?

Accepted Answer

Reliance Savings Bank was incorporated as Reliance Building and Loan Association in December 1939 and opened for business in July 1940 at 1313 12th Avenue in Altoona. The institution was created through the merger of six associations: Blair County, Mutual, Lincoln, Commonwealth, Sterling, and Standard.

The original officers were Paul Faris (president), Bertram Leopold (vice president), Robert Rothrock (secretary), and John Dillen (treasurer). The bank was originally established with a primary focus on housing finance, serving the local community's needs during the post-Depression era.

Over the decades, Reliance expanded through several strategic mergers: Eureka Savings and Loan Association (1968), Central Building and Loan Association (1970), Kittanning Savings and Loan Association (1974), and Ebensburg Building and Loan Association (1975). These consolidations allowed the institution to achieve operational efficiency while maintaining its community-focused mission.

The institution's name evolved alongside its growth: Reliance Savings and Loan Association (1974), Reliance Savings Bank (1992), and finally Reliance Bank (1998), though its legal name remains Reliance Savings Bank.

Question 3

Where is Reliance Savings Bank headquartered?

Accepted Answer

Reliance Savings Bank is headquartered in Altoona, Pennsylvania, specifically at 2424 Eighth Avenue at The Mill, a redeveloped office building. The bank relocated its corporate headquarters to this location in 2024, after maintaining its previous headquarters at 1119 12th Street since 1953.

The main banking office is located at 1300 11th Avenue in downtown Altoona, which opened in December 2023 as a modernized branch with updated design, additional staffing, and extended business hours.

Question 4

Where does Reliance Savings Bank operate?

Accepted Answer

Reliance Savings Bank operates exclusively in central Pennsylvania, with 8 branch locations across Blair and Centre counties. The bank maintains a strong presence in the Altoona metropolitan statistical area and has successfully expanded into the State College market.

Specific branch locations include:
• Four branches in Altoona: Downtown Altoona (11th Avenue), Lakemont, Plank Road, and Seventeenth Street offices
• Martinsburg in Blair County
• Tyrone in Blair County
• State College in Centre County
• One additional location serving the broader market area

All branches operate Monday through Friday with extended hours on Fridays until 6:00 pm, and Saturday hours from 9:00 am to 12:00 pm, providing convenient access for customers throughout the service area.

Question 5

What services does Reliance Savings Bank offer?

Accepted Answer

Reliance Savings Bank provides comprehensive personal and business banking services tailored to individuals, families, and small businesses in central Pennsylvania.

Personal Banking Services include checking and savings accounts, personal loans, home mortgages, home equity lines of credit, and retirement savings plans. The bank has earned recognition as a "Hometown Favorite" for its mortgage lending services, offering various home loan options with competitive rates.

Business Banking Services encompass commercial loans, business checking and savings accounts, commercial real estate financing, and lines of credit. The bank specializes in serving small and medium-sized local businesses with SBA lending capabilities.

Digital Banking Services feature a robust mobile banking app (available for iOS and Android with over 5,000 downloads), online banking platform, mobile check deposit, online bill pay with e-bill capabilities, person-to-person payments, account-to-account transfers, text alerts, and ATM/branch location services. The bank offers free mobile banking services, though carrier data rates may apply.

Additional Services include wealth management, mortgage calculators, and comprehensive security features including fraud prevention tools and encrypted data transmission.

Question 6

What makes Reliance Savings Bank unique?

Accepted Answer

Reliance Savings Bank's most distinctive feature is its mutual community bank structure, operating under a mutual holding company model (Reliance Bancorp Mutual Holding Company). Unlike traditional banks, depositors are the actual owners, meaning the bank's first priority is serving the community rather than external shareholders. This fundamental difference in ownership structure influences every aspect of the bank's operations and decision-making.

Local Decision-Making: All lending and operational decisions are made locally by directors and management from the central Pennsylvania area, enabling faster response times and more personalized service compared to regional or national banks.

Community Commitment: The bank reinvests a significant portion of its earnings back into the communities it serves. Employees have demonstrated exceptional community engagement, raising over $300,000 for the American Cancer Society's Relay For Life over 18 years, with matching contributions from the bank's foundation. Staff members actively participate in local chambers of commerce and numerous nonprofit organizations throughout the market area.

Longevity and Stability: With over 85 years of continuous operation (celebrating its 75th anniversary in 2015), the bank has demonstrated remarkable growth from $523,000 in assets in 1940 to over $648 million today, weathering multiple economic cycles while maintaining its community focus.

Servant Leadership Culture: The bank maintains its original core values from 1940, emphasizing servant leadership and a housing-focused mission that has expanded to comprehensive community banking services.

Question 7

What type of financial institution is Reliance Savings Bank?

Accepted Answer

Reliance Savings Bank is a Stock and Mutual Savings Bank chartered by the Commonwealth of Pennsylvania. This hybrid structure combines elements of both mutual and stock ownership through a mutual holding company framework.

The bank operates as a state-chartered savings bank under Pennsylvania banking laws, with FDIC insurance and supervision. It is not a member of the Federal Reserve System. The institution holds commercial lending specialization designation, distinguishing it from pure retail savings banks.

Within the mutual holding company structure, Reliance Bancorp Mutual Holding Company serves as the parent organization, with Reliance Bancorp, Inc. as an intermediate holding company. This organizational structure, approved by federal regulators in 2008, allows the bank to maintain its mutual ownership characteristics while accessing capital markets when needed.

The bank does not operate with fiduciary powers and is not organized as an S-Corporation. Its primary focus remains community-oriented deposit banking and commercial lending services, staying true to its original mission of serving local housing and business financing needs in central Pennsylvania.

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