Georgian Place to become Somerset Trust corporate headquarters
Somerset Trust Co. intends to develop all the properties available for purchase within the Georgian Place complex per an agreement with the property's owner to be used as corporate headquarters.
Somerset Trust Co. has officially entered into an agreement to purchase multiple buildings totaling over 80,000 square feet from SOAR Somerset LLC in the Georgian Place complex, according to a media release by the bank.
The proposed acquisition also includes an adjacent 17.5 acre parcel of undeveloped land.
The deal is pending approval from the Federal Deposit Insurance Corporation, an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system, and Pennsylvania Department of Banking, according to the release.
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With a long history as a community bank, Somerset Trust Co., independent and locally managed since its establishment in 1889, has an expansive network of branches throughout southwestern Pennsylvania, northern Maryland and northern Virginia.
Over the past decade, Somerset Trust Co. expanded operations from 20 to 45 branches. It's workforce has grown from just over 300 employees to over 450. Assets have grown from approximately $800 million to over $1.9 billion.
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Nearly half of Somerset Trust Co.'s employees are currently located in three separate facilities throughout uptown Somerset Borough. As the demand for space continued to increase, the bank sought a location to establish a foundation for future growth, according to Somerset Trust CEO and President Sean Cook.
“We’ve been in business for over 130 years. We are developing this facility as a foundation for the next 130 years," he said.
Somerset Trust Company will continue to operate the branch location on Main Street in Somerset. All other Somerset Trust Company employees will continue to occupy current buildings in uptown Somerset throughout all phases of design and development of the multi-year project, according to the media release.
"Somerset Trust Company views the investment as an opportunity to create a modern work space, built to suit the needs of employees. We strive to continue to be a premier employer in the region, and this is a unique location that gives us the space we need to continue to grow, while maintaining our roots in Somerset,” Cook said.
SOAR Somerset LLC purchased the property in 2005 and it has since been managed by SugarOak Management Services LLC. SOAR Somerset Vice President Tonya Spangler said in the news release that “This is a wonderful transition for the property and an exciting new development for STC!”
Georgian Place Complex now has medical and health offices and retail services who are owners of property in the complex and some are renters.
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One renter, Sugar Grove Antiques and Herbs, has been a part of the complex for 13 years, although at its current location for the past seven, according to its owner Barb Will.
She said Wednesday that she had not been informed about the change prior to the bank issuing a media release.
"I wish we would have a better heads up," she said. "I hope they work with the businesses already located here and work around us."
Somerset Trust Co.'s involvement is a good thing, she said.
"Somerset Trust does support the local towns and we appreciate it," Will said.
Jaclyn McCusker, executive director of Laurel Arts, agreed. The Laurel Arts Educational & Dance Center, located in Georgian Place, is owned by the artisan and community nonprofit.
"Somerset Trust has always been so vested in the community," McCusker said. "It is exciting news."
So far, Laurel Arts has not been informed about the change at Georgian Place, she said.
This article originally appeared on The Daily American: The look of Georgian Place to change when Somerset Trust Co. moves in
