Client Appreciation - First National Bank of Mercersburg

When Robert Fignar of The First National Bank of Mercersburg was looking for an outsourced loan review solution for his bank, he had no shortage of options.

“We looked at three firms on a trial basis, and we decided that we preferred Ardmore more than the other two,” said the President & CEO of the $171 million bank located in Mercersburg, PA. “I come from an audit background myself, so I view the world in a similar way that they do.”

A key factor in Mr. Fignar’s decision was Ardmore’s commitment to providing a completely impartial report on the portfolio, and not one that simply said what the bank wanted to hear.

“One firm in particular agreed with the management ratings in 100 percent of the cases,” said Mr. Fignar. “So for me as a president of the company looking for an honest, independent loan review, I didn’t see how that was possible.”

Another differentiator for Ardmore, as Mr. Fignar sees it, is the experience and expertise of its staff.

“I think its important,” he said of Ardmore’s team having a solid banking background. “They seem to be seasoned people, who have been in the industry for extended periods of time. I think that speaks well about Ardmore. “

After working at the bank since 1987, Mr. Fignar was named President & CEO in 2009. His decision to bring in Ardmore was made after loans in the bank’s growing commercial portfolio came under scrutiny.

“We had a high level of criticized and classified, and we were trying to do loan review internally,” he said. “It got to a point where, with the magnitude of what the regulators were looking for, we just couldn’t handle that inside anymore.”

Ardmore has also been able to assist The First National Bank with a number of consulting projects, and Mr. Fignar says that he is satisfied with the way work being done.

“We’ve received some guidance, and they are up to date on what regulatory bodies are looking for,” he says. “They helped out with our allowance methodology and setting up the appropriate checks and balances. Ardmore works very well with community banks.”