You know the old chestnut that states, “The more things change, the more they stay the same.” Well, that certainly could be applied to Allegheny Valley Bank, and we have the historical records to prove it.
Allegheny Valley Bank was founded in 1900 by a group of local business leaders who felt the need to start a financial institution apart from the titans of the day, such as T. Mellon and Sons and Pittsburgh Trust and Savings Company.
The idea then, as it remains today, centered on taking care of customers who were more than just customers – they are our neighbors, friends, and local business owners.
Twenty-nine years later, the Bank’s mission was put to the test with the crash of the stock market and the beginning of the Great Depression. Locally, 11 banks were forced to close as were 9,000 banks across the nation by the end of 1931. Yet, Allegheny Valley Bank stood firm and stood fast through that punishing financial storm.
While nationally depositors lost $140 billion through bank failures, not one cent was lost by the depositors of Allegheny Valley Bank. Our doors never closed. We did more than survive; it provided local customers with a reassuring sense of stability and confidence.
Allegheny Valley Bank has kept moving steadily ahead despite:
- World War II
- The baby boom generation
- The Cold War
- Various elections
- Global tensions
- Local economic booms and busts
- The Great Recession
In the early 1980s, the steel industry all but disappeared due to foreign competition and decreased demand. The ripple effects in the years to follow brought devastating economic effects and high unemployment to the region.
But Pittsburgh and its people have never been ones to take a punch and stay down.
The region has since rebounded and even advanced beyond the economic strength of the steel heyday, through diversification and specialization.
Light industries like metalworking, chemicals and plastics, combined with high-technology industries like computer software, robotics, biomedical and environmental, powered by our outstanding local universities and world-class healthcare community have transitioned the region into a powerhouse of innovation, commercialization, and an economy of strength and balance.
As expected, Allegheny Valley Bank has played a role in this continued resurgence of the Pittsburgh economy, as well. Not through participation in high-risk ventures, but through helping to make sure that the people, organizations, and families behind those ventures have a sound, reliable, flexible, hard-working, and hard-thinking bank to support them.
The economy as a whole, and financial services providers, took a monstrous hit in late 2008 with the failure of Lehman Brothers, the bailout of our nation’s largest banks and the resulting economic crash.
In the ensuing years, at the local level and across the nation, banks have been deciding to sell, because of ill-advised decisions.
Yet, once again, there’s one bank that has been able to successfully sail those rough waters – Allegheny Valley Bank.
So, whether it’s been the need for local business leaders to establish a true community bank more than a century ago…or the need for a local bank to provide stability and confidence to the local community during national economic crises…the formula for success has been the same at Allegheny Valley Bank – sound banking practices, and a personalized approach to customer service.
We are problem solvers. We provide a great customer experience. We deliver the product that is right for you.