Would Parade St. get boost with new bank branch?

Leaders of Erie's East Side Renaissance have a long wish list as they move ahead with an ambitious plan to bring new life to Parade Street and the surrounding neighborhood.

Few things on that list rank higher than developing a bank branch in a neighborhood that doesn't have one.

As the Jefferson Educational Society and Erie Insurance convene a three-hour conversation on diversity, equity and inclusion Tuesday, that goal seems to be moving closer to reality.

The prospect of a new bank location is likely to be discussed at the event, which will feature appearances by urban policy expert Bruce Katz, Camille Bussette of the Brookings Institution and James Taylor, chief diversity, inclusion and talent management officer of UPMC, as well as Bishop Dwane Brock, Marcus Atkinson, and Matthew Harris, the founders of East Side Renaissance.

A bank is coming

Last week, in an interview with the Erie Times-News, Brock, pastor of Victory Christian Center and CEO of Eagle's Nest Leadership Corp., confirmed there have been serious and productive talks with ErieBank about investing in the Parade Street neighborhood.

"I'm comfortable saying that ErieBank is coming to East 10th and Parade to build a new bank branch and a training center," said Brock, who serves on the bank's advisory board. "The major announcement will be made in a few days."

Brock said he's been given personal assurances by leaders of Clearfield-based CNB Bank, ErieBank's parent company, that a bank will be built on a vacant lot at the northwest corner of East 10th and Parade streets.

"I was down in Clearfield last week and spoke with the entire board of CNB bank," Brock said. "I have talked to the president of CNB Bank about this, his name is Mike Peduzzi. He wants this done and he wants it done soon."

Confirmation that plans are under consideration also came from Dave Zimmer, president of ErieBank. Zimmer did stress, however, that nothing has been finalized.

"We don't have anything to announce, but we have to note that the east side area would be a great addition for our bank," Zimmer said. "Our bank very much believes in that project."

If the project does move forward, Zimmer envisions building a facility that would serve as both a bank branch and a financial education center.

Improving financial literacy

Leaders of East Side Renaissance, who outlined plans earlier this year to invest in both people and real estate, said banks provide a path to financial literacy and homeownership that has been missing in a wide swath of the city.

A 2020 examination of 12 census tracts on Erie's east side speaks to the size of that void.

Those tracts — all east of State Street, west of Bird Drive and Franklin Avenue, and north of East 33rd Street — are home to more than 31,000 people, according to censusreporter.org.

But not a single banking institution was located within those neighborhoods.

In a 2020 interview, Brock reflected on the implications of living in a banking desert.

"If you're not using a bank, if you don't have a bank close to you that you can access and maintain an account at, then you don't exist economically in a sense," he said.

Brock sees a new bank branch as big news for a Parade Street neighborhood that has seen decades of disinvestment.

"This will be a catalyst for this East Side Renaissance project," he said. "It is absolutely phenomenal. People will see that if a bank can invest to have a presence in this neighborhood, other businesses and corporations can do the same thing."

Brock and other members of the group have called for the development of both a social club and a grocery store in the neighborhood.

Zimmer said it will take some time to work out the details of a new bank branch and training center and even longer for it to become a reality.

"We have to work out some agreements first," he said. "But that could be done very quickly, maybe as early as next year."

Tuesday's diversity, equity and inclusion event, led by former Erie Mayor Joyce Savacchio and Christina March, chief diversity and community development office for Erie Insurance, will be held from 2 to 5 p.m. in the Erie Insurance Armory at 360 E. Sixth St.

More than 100 community leaders and experts are expected.

Congressional support

U.S. Rep. Mike Kelly, of Butler, R-16th Dist., toured Parade Street with Brock, Atkinson and Harris on Aug. 22.

Kelly said he supports the concept of the East Side Renaissance.

"I think it's good any time when our residents take pride in their communities and say 'You know what? Somebody better do something soon and that somebody is us,'" Kelly said.

Kelly suggested he might be able to help with funding.

"Once it starts rolling again, I think we can help by looking to help with federal funds," Kelly said. "You want to see a positive return for the taxpayers."

Kelly also referenced the potential of a new bank branch.

"Banks don't go into areas where they think they're going to lose money," he said.

Contact Kevin Flowers at [email protected]..

Jim Martin can be reached at [email protected].