S&T finding more ways to cut costs
File photo by Joe Wojcik
S&T CEO Todd Brice
S&T Bancorp has passed the halfway point of a companywide conversion to in-branch processing, a move CEO Todd Brice[6] figures will save the Indiana, Pa.-based financial institution $500,000 annually once fully implemented and eliminate some bad loan functions.
So what does this entail?
“We’re electronically running checks through a capture machine,” Rob Jorgenson[7], S&T senior vice president, explained. “We won’t have couriers running them back and forth to Indiana.”
S&T (Nasdaq: STBA), which is Pittsburgh’s 11th largest bank by deposits, operates 57 branches. About half are in the Pittsburgh metro area. The conversion began in early 2013. Brice said it’s about percent completed and the goal is to finish the job by year-end.
It’s not the only way S&T is curbing expenses. Brice said it is installing new software in the two branches added through its recent purchase of Gateway Bank to increase capacity. And in the Business Times’ March 29 Banking and Finance focus, S&T told me how its multi-pronged energy strategy has saved $400,000 between 2007 and 2012.
“We’re looking at a lot of different ways to control costs,” Brice said. “We realize these changes have an impact on employees and customers, but they are necessary and it’s important for us to become more efficient in today’s banking environment.”
Patty Tascarella covers accounting, banking, finance, legal, marketing and advertising and foundations. Contact her at This email address is being protected from spambots. You need JavaScript enabled to view it.[8] or 412-208-3832. .
References
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