November 8, 2024 • 8 mins
Dan Schaffer is the President & Chief Executive Officer of the First National Bank & Trust Company of Newtown. A lifelong resident of Bucks County, Dan has spent the last 30 years helping the residents and businesses in the community with their banking and lending needs. A graduate of Penn State University and Stonier Graduate School of Banking, Dan has been the President and CEO of the past thirteen years. Under his leadership the bank has experienced solid growth in terms of assets, deposits, loans, income, and client relationships. In addition, the bank is well positioned in terms of infrastructure, talent, and technology to grown and remain an independent community bank.
https://www.fnbn.com/
https://www.fnbn.com/
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
I'm Lorraine Ballad Borrow with CEOs you should Know, brought
to you by Comcast Business.
Speaker 2 (00:05):
Dan Schaeffer, President and CEO of the First National Bank
and Trust Company of Newtown.
Speaker 1 (00:10):
The First National Bank and Trust Company of Newtown has
a long and rich history, chartered in eighteen sixty three.
Can you share more about the bank's origin and how
it's evolved over the years.
Speaker 2 (00:20):
Sure?
Speaker 1 (00:21):
Well.
Speaker 2 (00:21):
The bank began modestly on the second floor of a
building on the corner of Jefferson and State Street in Newtown.
The bank began with sixty thousand in capital and has
slowly grown over that period of time. It's been a slow,
steady growth for the bank, but we've always had an
eye on profitability, so that's what's made us financially sound
(00:44):
over that period of time. To our twelve offices that
we have today, with over one.
Speaker 1 (00:48):
Hundred and sixty years of history, how has the bank
managed to remain financially sound and community focused through challenging
economic periods like the Great Depression, the Great Recession, and
more recent and bank mergers.
Speaker 2 (01:01):
We've managed to be financially sound, in community focused through
challenging times and financially sound. It just comes down to
the bank management, not taking undue risks, not growing, you know,
too quickly. Fortunately for us, we're in Bucks County, it's
been a very good area to seek growth over that
period of time.
Speaker 1 (01:19):
And how does the trust in wealth management division, which
has been active for over a century, continue to serve
generations of customers in today's economic landscape.
Speaker 2 (01:28):
They've served generations of clients basically by doing the right thing,
and you know, as as that generational wealth has transferred,
they just like the way we've handled things, They've liked
the performance, and they choose to just stick with us.
So it's interesting with us being a community bank with
(01:49):
the wealth management location at our headquarters in Newtown, we
actually have clients in over thirty states in seven countries,
so just out of Newtown, Bucks County.
Speaker 1 (02:00):
That's amazing. So clearly you have maintained trust among your customers.
Speaker 2 (02:06):
That's the key.
Speaker 1 (02:07):
That's the key. Trust is the key. What ways does
First National Bank and trust companies support the local economy
and drive growth within the communities It serves.
Speaker 2 (02:16):
Fortunately for us, all of our loans and this is
very different among financial institutions, So all of our loans
are held at the bank so if you were to
get a mortgage and equity loan, a car loan, commercial mortgage,
what have you. It is held in service by the bank.
All of the deposits that we gather from our clients
(02:37):
are put right back in the form of loans to
our community. That's been a selling features and that's good
for customers to understand that by banking with us, does
help your neighbor, helps the local business, help someone buy
their first home.
Speaker 1 (02:50):
Right because the money stays in the community.
Speaker 2 (02:52):
Money stays in the community.
Speaker 1 (02:53):
Yes, fantastic. Are there any specific philanthropic causes or community
initiatives that the bank is especially passionate about supporting.
Speaker 2 (03:02):
Yes. One of the most important philanthropic endeavors that the
bank surrounds itself is education and also financial literacy. We
do a lot for area schools in the form of
the Educational Income Tax Credit, where it supports scholarships for
K through twelve at different schools. One thing that we
(03:24):
do that's very different from really any other bank that
I've come across, we have a partnership with Saint Andrew
Catholic School in Newtown where we actually have a full
functioning branch in the school. That's run by the students.
It is a direct extension of the bank itself and
operates as a branch would operate. That's for the seventh
(03:46):
and eighth graders of the school. We try to give
them the real world experiences is if they were being
hired by us and running that location. So they go
through getting together a resume, they go through the interview,
they go through training, obviously under the supervision of one
of our officers of the bank. Then they process transactions
(04:08):
and they and they handle banking needs for other students
and teachers and everything else for that location. So we
started that in two thousand and eight, and that's been
a really really fun thing for us to see evolve
over that period of time. And since we've been doing
it so long, we've had students that have worked with
(04:28):
us in seventh and eighth grade come back and work
for us while they're going to college. Some of them
have come back and worked for us full time. It's
just great to see them grow up and just expose
them to that side of that world. And you know,
I talked to them after the school years over and
see who's coming back, and see who's going to stay,
and also get their input on how we can approve
upon that. It's nice to see that it opens an
(04:51):
entire world for them, but it's also teaching them financial
literacy along the way too, which is you know, we
feel that's not covered.
Speaker 1 (04:57):
I wish you were around when I was going to
school because I think financial literacy is something that many
of our schools absolutely don't do and we certainly need.
This is a little bit of a question that's not
on there. But I'm always very curious about how people
come to be who they are. So at some point
in your life, Dan, did you go banking? That's where
(05:21):
my career path is going to go. What was it
that inspired you to get into this field of banking.
Speaker 2 (05:27):
I did not set out to be a banker, to
be honest with you, I did not. I did work
for the bank while I was in high school. I
did go to college and worked other jobs during the
summer of things. Why I was in college and when
college was wrapping up, our HR director at the time
called me and said, you know, how about you come
(05:48):
back and work for us at the bank. We need
some help. They were short handed with some folks, and
I felt like I could hit the ground running when
I came back and I was like, nah, I don't
think so. I don't think banking is going to be
my thing. And then he'd called me a couple more
times and say, Okay, I'll come back, and then I
came back, and I guess it was just at the
point when you're becoming an adult, I've got into It
(06:10):
was moving up the ladder. I really enjoyed the work,
I really enjoyed the customers is really and then I
started on the lending side of the institution, and my
career progressed very quickly, and I decided I was going,
you know, to graduate school at the time, and that's
where it hit me. I said, I don't think I'm
going to change from being in banking, and I'm going
to stay. And that's the story.
Speaker 1 (06:30):
Yeah, and now you're seat president and CEO.
Speaker 2 (06:32):
Yeah, I've been president and CEO now for about thirteen years.
I've had thirty years in at the institution, so it's
the only place I've ever worked.
Speaker 1 (06:40):
Well. My final and fun question, or second to last
question actually is if you were to choose any superpower,
what would it be and why.
Speaker 2 (06:48):
I thought about this A little bit of what superpower
I would need and or what superhero you would emulate.
I think, given my position and what we have to
do and wear many different hats during the day, I
think the flash, I need the time, I need the
time to get things done.
Speaker 1 (07:05):
I love it.
Speaker 2 (07:06):
I love it.
Speaker 1 (07:06):
I love it. So if anyone is interested in learning
more about your company, where can they find out more information?
Speaker 2 (07:14):
At fmb on dot com.
Speaker 1 (07:15):
Anything else you want to add that we haven't covered
any final words.
Speaker 2 (07:19):
Honestly, the folks that we have at the institution, we
have very little turnover with our folks that are there,
and a lot of them have been there and I've
had the privilege of working with them over my thirty
year career. They truly enjoy what they do, and they
truly enjoy taking care of the customer, and they are
certainly committed to that, and they don't take what we
(07:41):
do lightly. And when I tell you it's a privilege
to serve our customers every day, it truly is it,
truly is.
Speaker 1 (07:48):
I love that. Dan Schaeffer, President and Chief executive Officer
of the First National Bank and Trust Company of Newtown,
Thank you, Thank you, CEOs you should know. Brought to
you by Comcast Business offering the complete connectivity solution, cybersecurity,
Internet and mobile, all from one provider, Comcast Business powering
(08:08):
possibilities
I'm Lorraine Ballad Borrow with CEOs you should Know, brought
to you by Comcast Business.
Speaker 2 (00:05):
Dan Schaeffer, President and CEO of the First National Bank
and Trust Company of Newtown.
Speaker 1 (00:10):
The First National Bank and Trust Company of Newtown has
a long and rich history, chartered in eighteen sixty three.
Can you share more about the bank's origin and how
it's evolved over the years.
Speaker 2 (00:20):
Sure?
Speaker 1 (00:21):
Well.
Speaker 2 (00:21):
The bank began modestly on the second floor of a
building on the corner of Jefferson and State Street in Newtown.
The bank began with sixty thousand in capital and has
slowly grown over that period of time. It's been a slow,
steady growth for the bank, but we've always had an
eye on profitability, so that's what's made us financially sound
(00:44):
over that period of time. To our twelve offices that
we have today, with over one.
Speaker 1 (00:48):
Hundred and sixty years of history, how has the bank
managed to remain financially sound and community focused through challenging
economic periods like the Great Depression, the Great Recession, and
more recent and bank mergers.
Speaker 2 (01:01):
We've managed to be financially sound, in community focused through
challenging times and financially sound. It just comes down to
the bank management, not taking undue risks, not growing, you know,
too quickly. Fortunately for us, we're in Bucks County, it's
been a very good area to seek growth over that
period of time.
Speaker 1 (01:19):
And how does the trust in wealth management division, which
has been active for over a century, continue to serve
generations of customers in today's economic landscape.
Speaker 2 (01:28):
They've served generations of clients basically by doing the right thing,
and you know, as as that generational wealth has transferred,
they just like the way we've handled things, They've liked
the performance, and they choose to just stick with us.
So it's interesting with us being a community bank with
(01:49):
the wealth management location at our headquarters in Newtown, we
actually have clients in over thirty states in seven countries,
so just out of Newtown, Bucks County.
Speaker 1 (02:00):
That's amazing. So clearly you have maintained trust among your customers.
Speaker 2 (02:06):
That's the key.
Speaker 1 (02:07):
That's the key. Trust is the key. What ways does
First National Bank and trust companies support the local economy
and drive growth within the communities It serves.
Speaker 2 (02:16):
Fortunately for us, all of our loans and this is
very different among financial institutions, So all of our loans
are held at the bank so if you were to
get a mortgage and equity loan, a car loan, commercial mortgage,
what have you. It is held in service by the bank.
All of the deposits that we gather from our clients
(02:37):
are put right back in the form of loans to
our community. That's been a selling features and that's good
for customers to understand that by banking with us, does
help your neighbor, helps the local business, help someone buy
their first home.
Speaker 1 (02:50):
Right because the money stays in the community.
Speaker 2 (02:52):
Money stays in the community.
Speaker 1 (02:53):
Yes, fantastic. Are there any specific philanthropic causes or community
initiatives that the bank is especially passionate about supporting.
Speaker 2 (03:02):
Yes. One of the most important philanthropic endeavors that the
bank surrounds itself is education and also financial literacy. We
do a lot for area schools in the form of
the Educational Income Tax Credit, where it supports scholarships for
K through twelve at different schools. One thing that we
(03:24):
do that's very different from really any other bank that
I've come across, we have a partnership with Saint Andrew
Catholic School in Newtown where we actually have a full
functioning branch in the school. That's run by the students.
It is a direct extension of the bank itself and
operates as a branch would operate. That's for the seventh
(03:46):
and eighth graders of the school. We try to give
them the real world experiences is if they were being
hired by us and running that location. So they go
through getting together a resume, they go through the interview,
they go through training, obviously under the supervision of one
of our officers of the bank. Then they process transactions
(04:08):
and they and they handle banking needs for other students
and teachers and everything else for that location. So we
started that in two thousand and eight, and that's been
a really really fun thing for us to see evolve
over that period of time. And since we've been doing
it so long, we've had students that have worked with
(04:28):
us in seventh and eighth grade come back and work
for us while they're going to college. Some of them
have come back and worked for us full time. It's
just great to see them grow up and just expose
them to that side of that world. And you know,
I talked to them after the school years over and
see who's coming back, and see who's going to stay,
and also get their input on how we can approve
upon that. It's nice to see that it opens an
(04:51):
entire world for them, but it's also teaching them financial
literacy along the way too, which is you know, we
feel that's not covered.
Speaker 1 (04:57):
I wish you were around when I was going to
school because I think financial literacy is something that many
of our schools absolutely don't do and we certainly need.
This is a little bit of a question that's not
on there. But I'm always very curious about how people
come to be who they are. So at some point
in your life, Dan, did you go banking? That's where
(05:21):
my career path is going to go. What was it
that inspired you to get into this field of banking.
Speaker 2 (05:27):
I did not set out to be a banker, to
be honest with you, I did not. I did work
for the bank while I was in high school. I
did go to college and worked other jobs during the
summer of things. Why I was in college and when
college was wrapping up, our HR director at the time
called me and said, you know, how about you come
(05:48):
back and work for us at the bank. We need
some help. They were short handed with some folks, and
I felt like I could hit the ground running when
I came back and I was like, nah, I don't
think so. I don't think banking is going to be
my thing. And then he'd called me a couple more
times and say, Okay, I'll come back, and then I
came back, and I guess it was just at the
point when you're becoming an adult, I've got into It
(06:10):
was moving up the ladder. I really enjoyed the work,
I really enjoyed the customers is really and then I
started on the lending side of the institution, and my
career progressed very quickly, and I decided I was going,
you know, to graduate school at the time, and that's
where it hit me. I said, I don't think I'm
going to change from being in banking, and I'm going
to stay. And that's the story.
Speaker 1 (06:30):
Yeah, and now you're seat president and CEO.
Speaker 2 (06:32):
Yeah, I've been president and CEO now for about thirteen years.
I've had thirty years in at the institution, so it's
the only place I've ever worked.
Speaker 1 (06:40):
Well. My final and fun question, or second to last
question actually is if you were to choose any superpower,
what would it be and why.
Speaker 2 (06:48):
I thought about this A little bit of what superpower
I would need and or what superhero you would emulate.
I think, given my position and what we have to
do and wear many different hats during the day, I
think the flash, I need the time, I need the
time to get things done.
Speaker 1 (07:05):
I love it.
Speaker 2 (07:06):
I love it.
Speaker 1 (07:06):
I love it. So if anyone is interested in learning
more about your company, where can they find out more information?
Speaker 2 (07:14):
At fmb on dot com.
Speaker 1 (07:15):
Anything else you want to add that we haven't covered
any final words.
Speaker 2 (07:19):
Honestly, the folks that we have at the institution, we
have very little turnover with our folks that are there,
and a lot of them have been there and I've
had the privilege of working with them over my thirty
year career. They truly enjoy what they do, and they
truly enjoy taking care of the customer, and they are
certainly committed to that, and they don't take what we
(07:41):
do lightly. And when I tell you it's a privilege
to serve our customers every day, it truly is it,
truly is.
Speaker 1 (07:48):
I love that. Dan Schaeffer, President and Chief executive Officer
of the First National Bank and Trust Company of Newtown,
Thank you, Thank you, CEOs you should know. Brought to
you by Comcast Business offering the complete connectivity solution, cybersecurity,
Internet and mobile, all from one provider, Comcast Business powering
(08:08):
possibilities
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