Notoriously absent from the Philadelphia area is the addition of any new Citibank locations for several years. However, the national bank has decided to remedy that by launching the very first branch in Philadelphia in four years. It'll be located in Germantown and may mark a positive step for the entire area.

Based out of New York, Citibank will be offering standard products and services at the new location including mortgage loans and loans for middle to low-income families looking to buy a home. It should expand the number of lending options for people in the area, making home buying and general borrowing a bit easier.

Not only is this the first Citibank in the area in four years, it's also the first new bank in Germantown in at least 20 years. So this should offer a real change to the area and give residents more banking options than they've had in some time.

New businesses are already popping up in Germantown, so the addition of a new bank could do wonders for the local economy. The Citibank will be located in the Chelten Plaza Shopping Center with operating hours of 9 a.m. to 5 p.m. Monday through Friday. This is just another step in Citibank's plan to broaden their reach outside of the New York area. Other locations are currently in other parts of Pennsylvania, Delaware, and New Jersey.

This is the first new Citibank location since the global recession hit in 2008 and at the very least is a symbolic gesture toward financial improvement. Time will tell what this spells for residents and lending as a whole. 

(Source)