Somerset Trust Company
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1889 |
| Founder | Edward Scull, George R. Scull |
| Headquarters | Somerset , United States |
Area served | Pennsylvania, Maryland |
Key people | Sean Cook (CEO) |
| Products | Banking and related financial services |
Somerset Trust Holding Company, known in the market as Somerset Trust Company, is a financial institution based in Somerset, Pennsylvania, providing regional banking and related services. By the end of 2016, the company held assets valued at approximately $1.1 billion. Its branch locations extend across several counties in Pennsylvania and one county in Maryland.
During the 2008 financial crisis, Somerset Trust Company notably chose not to participate in the Troubled Asset Relief Program (TARP), underscoring its strong financial stability at that time.
History
The bank was established in 1889 by Congressman Edward Scull alongside his son George R. Scull, initially operating as The First National Bank of Somerset. Under their guidance, the organization grew to include Somerset Trust Company. On December 20, 1900, it received a Pennsylvania state bank charter, enabling it to provide bonding and other financial services not accessible to federally chartered banks.
Leadership of both institutions remained with George R. Scull until his passing in 1935, after which his son John I. Scull assumed the presidency. His tenure was briefly interrupted by Ernest V. Cook’s term as president. In response to regulatory changes during the early 1950s, the two banks merged in 1953 under Somerset Trust’s state charter, consolidating assets near $8 million and simplifying their operations.
George Scull Cook took over as CEO in 1954 and maintained leadership for 34 years, overseeing growth that expanded assets to $145 million by his retirement. The bank established its headquarters at 151 West Main Street, Somerset—a location of historical importance—during the 1970s and continues to operate there today.
Currently, CEO Sean Cook carries forward the founding family’s vision through strategic initiatives aimed at regional expansion and broadening the institution’s financial service offerings.
Connellsville Union Passenger Depot
In 2014, Somerset Trust Company purchased the historic P&LE Train Station located in Connellsville along with adjacent properties on West Crawford Avenue. The company committed to restoring this station, which is listed on the National Register of Historic Places. Collaborating with the Fayette County Cultural Trust, Somerset Trust involved local stakeholders in planning the redevelopment. The renovated station was reopened as a new bank branch on October 25, 2014, marking an extension of Somerset Trust’s community presence and engagement efforts.