Somerset Trust Company

What Somerset Trust Company does

Somerset Trust Company is a Pennsylvania-chartered, FDIC-insured community bank founded in 1889 and headquartered in Somerset, Pennsylvania. It operates as the banking subsidiary of Somerset Trust Holding Company, which trades on the OTCQX Best Market under the ticker SOME. The bank serves individual consumers, small to medium businesses, and wealth management clients across more than 45 branches in five Pennsylvania counties (Somerset, Cambria, Fayette, Westmoreland, Bedford), two Maryland counties (Garrett, Allegany), and a Virginia loan production/banking office in Vienna. Products span checking, savings, CDs, IRAs, mortgages and home equity, personal and business loans, SBA and agricultural lending, business credit cards, merchant and payroll services, and a trust and investment management department offering financial planning, estate planning, insurance, mutual funds, and 529 plans.

The core operating platform is STC Online Banking and the STC Mobile app, delivered in partnership with Malauzai (Finastra), with digital onboarding provided by Digital Onboarding Inc. and account opening powered by BOLTS Technologies. Distribution is augmented by interactive teller machines (STC Portals), instant-issue debit card machines, 24/7 SmartLockers, 55,000+ surcharge-free ATMs via the NCR Allpoint Network, fee-free Sheetz ATMs, and an in-school branch at Connellsville Area High School. Headcount is approximately 450-475 employees. Banking-as-a-service is not offered — no public or partner-facing API exists — and the bank is a traditional deposit-taker and lender rather than a platform.

The business model is a standard community bank revenue stack: net interest income from the loan and securities portfolio funded by deposits, supplemented by non-interest income from deposit account fees, credit card interchange, merchant services, payroll processing (EPP), wealth management fees, and trust services. Pricing is published in the form of deposit APYs, loan APRs, and a tiered trust/wealth fee schedule. Acquisition has been small and targeted (First Bank of Lilly, 2019, $3.4M), and dividends have increased annually for 54 consecutive years through Q1 2026.

Name

Somerset Trust Company

Legal name

Somerset Trust Company

Website

https://somersettrust.com

Company type

Public

Founded year

1889

Operating status

Operating

Headcount range

101–250 employees

Short description

Somerset Trust Company is an FDIC-insured, Pennsylvania-chartered community bank founded in 1889, operating 45+ branches across western Pennsylvania, Maryland, and Virginia. It provides consumer, small business, and wealth management banking services to retail and SMB customers under sixth-generation family leadership.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Trust, Fiduciary, and Custody Activities (523991), Portfolio Management and Investment Advice (523940)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Affluent / Mass-Affluent Private Banking (FSABADAC)

Keywords

• Community banking
• Retail banking services
• Consumer lending
• Wealth management
• Business banking

Headquarters

HQ city

Somerset

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest earned on loans and securities minus interest paid on deposits. Primary revenue driver for community bank.
2. Non-Interest Income: Fees from deposit accounts, credit cards, trust and investment management services, and other banking services.
3. Trust and Investment Management: Revenue from trust services, investment management, financial planning, retirement planning, estate planning, insurance products.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Somerset Trust Company is an independent community bank providing personal and business deposit accounts (checking, savings, CDs, IRAs), consumer and commercial lending products (mortgages, home equity, personal loans, business/SBA loans), credit cards, and trust and investment management services. Customers access banking through a network of 45+ branches across Pennsylvania, Maryland, and Virginia, complemented by digital channels including online banking, a mobile app, interactive teller machines, and surcharge-free ATM access.

Product overview

Somerset Trust Company operates as a community bank offering a comprehensive suite of banking products organized around a digital-first approach. The core platform consists of STC Online Banking and STC Mobile Banking (STC Mobile), which serve as the primary channels for customers to access deposit accounts, loans, and payment services. These digital platforms integrate with specialized modules including STC BillPay for bill payments, STC WealthConnect for wealth management, SpendTrack for business card management, and eZBusiness for corporate card administration. The product portfolio includes traditional banking products (checking, savings, CDs, IRAs), lending products (mortgages, home equity, personal loans, business loans), and trust/investment services. Business customers benefit from Office Teller for electronic deposits, Electronic Payroll Plus for payroll processing, and Autobooks for invoicing. The bank partners with NCR Allpoint, Malauzai (Finastra), Digital Onboarding Inc., and BOLTS Technologies to deliver its digital banking capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts Multiple checking account options including Convenient Checking (no monthly fees), Student Advantage Checking (for students in school), Horizon 50 Checking (for customers age 50+, earns interest), and Interest Checking (earns interest on balances with $500 opening deposit). Designed for personal banking customers in the bank's service area.
• Advantage Interest Savings Account Savings account with $250 opening deposit requirement and tiered interest rate structure. No monthly minimum balance fee but requires $250 minimum balance to earn the disclosed APY. Designed for personal savers seeking competitive interest.
• Statement Savings Account Basic savings account with no minimum deposit in branch ($25 online) and no monthly fees. Requires $100 minimum balance to earn interest. Designed for everyday personal savers.
• Overdraft Protection Savings Savings account linked to a checking account that automatically transfers funds to prevent overdrafts. Requires $100 minimum balance to earn interest. Designed to protect customers from checking account overdrafts.
• Christmas Club Account Savings account designed for holiday season spending with a complimentary gift. Helps customers save throughout the year for Christmas purchases. For personal banking customers.
• Certificates of Deposit (CDs) FDIC-insured term deposits with various maturities from 3 months to 5 years. Standard CDs (3-9 month: $1,000 minimum; 12-60 month: $500 minimum) and special relationship CDs (7, 15, 22 month: $5,000 minimum with existing checking relationship). For personal savers.
• Individual Retirement Accounts (IRAs) Retirement savings accounts including 15-Month IRA ($1,000 minimum), 18-Month Variable Rate IRA ($25 minimum), 18-Month Fixed Rate IRA ($100 minimum), 30-Month IRA ($500 minimum), 42-Month IRA ($500 minimum), 60-Month IRA ($1,500 minimum), and Savings IRA ($25 minimum). For retirement savers.
• Community Credit Card Credit card that donates to local community organizations with each purchase. Features 3.99% introductory rate for the first 6 statement closing dates, then 10.99% APR. For consumers who want their spending to support community causes.
• Mastercard Rewards Credit Card Rewards credit card earning 1 point per $1 spent with options for cash back, gift cards, merchandise, and travel rewards. Features 3.99% introductory rate for first 6 statement closing dates, then 12.99% APR. For consumer rewards-seekers.
• Mastercard BusinessCard

Quantifiable outcome

• Processed nearly 1,300 PPP loans totaling $150 million protecting 18,500 jobs with 24-hour average turnaround
• +3 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature6 records

Partnerships

One partnership is on record.

• NCR's Allpoint NetworkcoreTechnology or Integration · 29 April 2022Somerset Trust Company joined NCR's Allpoint Network offering customers surcharge-free cash access through 55,000+ Allpoint ATMs using their STC Checkcard. Complements existing fee-free use of Sheetz ATMs and STC-branded ATMs throughout the region.

Scale indicators9 records

Recent moves22 records

Expansion highlights6 records

Broad incumbents

• F.N.B. Corporation: Pittsburgh-based regional bank holding company (NYSE: FNB) that competes directly with Somerset Trust in the Pittsburgh metro area and broader PA; much larger scale but operates overlapping retail, commercial, and wealth businesses.

Direct peers

• CNB Financial Corporation: Clearfield, Pennsylvania-based community bank holding company (NASDAQ: CCNE) with consumer and commercial banking across central and western PA, including ERIEBANK; comparable size, distribution model, and community focus.
• S&T Bancorp: Indiana, Pennsylvania-based community bank holding company (NASDAQ: STBA) with a comparable southwestern PA retail and commercial banking franchise and similar asset size; operates across similar Pennsylvania geographies with analogous commercial, consumer, and wealth offerings.
• Northwest Bancshares, Inc. Erie, Pennsylvania-headquartered community bank holding company (NASDAQ: NWBI) with a similar asset range, traditional community banking model, and Pennsylvania/Mid-Atlantic presence; comparable in size and product breadth.
• Peoples Financial Services Corp. Scranton, Pennsylvania-based community bank holding company (NASDAQ: PFIS) operating Peoples Security Bank and Trust; comparable community bank model with consumer, mortgage, and business banking across Pennsylvania.
• First Commonwealth Financial Corporation: Indiana, PA-headquartered community bank holding company (NYSE: FCF) with branch presence spanning western and central Pennsylvania—overlapping markets with Somerset Trust—and a similar mix of consumer, commercial, and wealth management products.
• Citizens Financial Services, Inc. Mansfield, Pennsylvania-based community bank holding company (NASDAQ: CZFS) operating First Citizens Community Bank; comparable community bank asset size, branch-based distribution, and consumer/commercial focus in northern Pennsylvania.
• ACNB Corporation: Gettysburg, Pennsylvania-based community bank holding company (NASDAQ: ACNB) operating ACNB Bank and banking subsidiary in south-central PA and northern MD; similar asset profile, family-anchored governance, and community banking positioning.
• Emclaire Financial Corp: Emlenton, Pennsylvania-based community bank holding company (NASDAQ: EMCF) operating Farmers National Bank and Encore Bank; similar size and focus on western PA consumer, mortgage, and small business banking with community orientation.

Regional players

• Citizens & Northern Corporation: Wellsboro, Pennsylvania-based community bank holding company (NASDAQ: CZNC) operating Citizens & Northern Bank; similar community bank asset profile and retail/commercial banking focus, but operating primarily in northern PA, providing a relevant regional comparison rather than direct head-to-head competition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Somersettrust
• Facebookfacebook.com/somersettrust
• LinkedInlinkedin.com/company/somersettrustcompany

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Somerset Trust Company