National Penn Bank has been based in Berks County since 1874. Now, the company is relocating its headquarters from Boyertown to Allentown.
"I remember when I was a kid, it was National Bank of Boyertown," said Mike Moyer, owner of The Grill Shop.
National Penn has supported many small businesses in town, Moyer said.
"It's been here for a long time. There's a lot of people that work up there," said Moyer.
Come 2014, National Penn Bancshares Inc. will pack up and move out. Its new headquarters will be located in downtown Allentown, next to the city's proposed hockey arena.
It's not clear at this time how many of the current Boyertown staff will make the move to Allentown.
Scott Fainor, National Penn's president and CEO, said the bank thought long and hard before making the decision.
"We're pretty much maxed out on space and our bank is $8.5 billion in assets and growing," said Fainor, adding that the Lehigh Valley is a growing market for the bank.
The tax incentives associated with the new hockey arena, Fainor said, also made sense for the company to look into the future.
As part of the bank's expansion, National Penn will open a new facility, known as the Reading Area Business Center, on Broadcasting Road in Spring Twp., Berks Co., next fall. The building, Fainor said, will replace three locations in Wyomissing. As of now, 125 employees will be relocated there.
The bank's five locations in Boyertown will remain open. There also should not be a tax loss for Boyertown, Fainor said. Still, many businesses owners are concerned.
"Losing any headquarters of any type of business affects the town in some way or another," said Patsy Hahn, owner of Patsy Potpourri of Gifts.
The owners of Carmelo's Pizza said they rely on the bank's employees daily for their patronage.
"Our family business is going to be affected by them moving. They are one of our major customers," said Joe, owner of Carmelo's Pizza.
"We have a long-term commitment to Boyertown that will stand strong," said Fainor.