“We’re working on the small businesses related to the growth industries. When you see a Fortune 500 firm get a huge contract–Boeing, for instance–there are 9,000 small companies building those planes,†he said. “Pittsburgh is ‘Huston North,’ and we’re here to support those providing the food, lodging, pipelines and trucking service.â€
Because Citizens is actually over capitalized, its business loan business is up 20 percent when the industry as a whole is flat. They are currently offering a small business rate of 3.99 percent.
“We’re not buying $20 million in mortgage securities, we’re lending to one company at a time,†he said.
But growing businesses without investing in people is pointless. Fitzpatrick said there has to be a new workforce in the pipeline, not only for the growth industries in energy and chemicals, but in his field also.