Pennsylvania Trust

Getting Through Difficult Times Together

Getting Through Difficult Times Together

We have seen unprecedented efforts at the municipal, county, state and federal government levels to slow the spread of the coronavirus by shutting down “non-essential” businesses, among other restrictions. These efforts hopefully will be successful in the fight against the coronavirus, but in the meantime they undoubtedly will cause significant near-term harm to our economy, which is being reflected in the stock market volatility seen over the past week.

Added Precautionary Measures

Given that so much has happened, I want to provide an update on what we are doing at Pennsylvania Trust to ensure that our business runs smoothly. First, let me emphasize that as a non-depository trust company, we are considered to be a bank, and as such, we are an essential business that will not be ordered to close. Beyond this, our management team implemented a mandatory remote working policy for most of our employees, effective immediately. While we have had no incidences of infection from the coronavirus, we are taking this added precautionary measure to further safeguard the health of our colleagues so that they may continue to deliver excellent service to our clients during these challenging times.

We Are Fully Operational

Please be assured that Pennsylvania Trust is — and will continue to be — fully open for business. While most of our employees are now working remotely, our clients and others can reach our colleagues the same way as always – by phone or by email. We continue to be able to offer conference calls as an alternative to in-person meetings. Thanks to technology, our ability to move funds, monitor client portfolios, and make trades remains the same as before.

As a client of the firm myself, I feel very secure knowing that our investment team selects securities with a quality bias (strong cash flows and leaders in their respective industries) and that our highly-experienced portfolio managers understand what we own and why we own it. There certainly will be opportunities that are created as market volatility continues. There also will be planning opportunities that our talented financial planners and trust officers can discuss with our clients.

I am proud of our team and thankful for the confidence our clients continue to place in us. There will be better days ahead. In the meantime, I hope everyone stays healthy and safe. We will get through these difficult times together.

Sincerely,

George C. McFarland, Jr.
President and Chief Executive Officer


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