Mike Thornton introduced our speaker, Ray Mosco.
Ray is the business development officer for cfs Bank.  He is from the Mon Valley, having lived first in Monessen and then Charleroi.  He has a degree in business from California University of Pennsylvania.  He worked for City Financial for 17 years, and then for a while for National City.  He has been with cfs Bank now for 15 years.  His wife was in the business department at Charleroi High School for 36 years.
Ray said that cfs Bank was founded in 1936, with one office in Charleroi, which then had one teller station worked by one teller.  Since then, it has grown to include 10 branch offices.  The Seven Fields office is the one furthest north (in Seven Fields Borough, Butler County) and the Connellsville office (in Fayette County) is the one furthest south.  The office at Southpointe (Washington County) is the one furthest to the northwest.  The company has about 70 employees, many of whom have worked for the bank for many years. Ray’s sister-in-law, for instance, has been with the bank for almost 40 years.  Five years ago, the bank changed its name from Charleroi Federal Savings and Loan to cfs Bank. 
He explained that as a mutual savings bank, cfs Bank has a board of directors but no shareholders.  This kind of bank grows more slowly, but the advantage is that it is not subject to the control  of powerful shareholders that might want to change the bank’s direction more quickly.  It has historically been a mortgage-based bank, meaning that they made a lot of loans to homeowners and businesses as their primary business activity.  The bank's commercial products include:  commercial mortgages, term loans, lines of credit especially for businesses, and business credit cards. 
Club members had a discussion with Ray about products that the Club might want to utilize, such as the bank's online bill-pay.  There was a discussion of the advantages and disadvantages for businesses or non-profit organizations using bill-pay, vs. writing checks or sharing bank card numbers with the individual companies they may be paying online.  The Bank recommends using bill-pay primarily, at least for recurrent bills.  They also offer both business credit cards and debit cards for business (or non-profit business) accounts.  There was a discussion about the advantages of a business credit card, vs. using a debit card on the organization’s account.  A business credit card allows the individual to pay a bill that needs to be paid on behalf of the organization without exposing the club’s main bank account.  The credit card is assigned to an individual, which also makes that person somewhat personally accountable for how the expenditure is handled. 
Ray said he’d be glad to work with the Monongahela Rotary Club on whatever the Club may need.