Peter Zaphiris, the driving force behind Great Lakes Insurance Services Group, LLC, has made significant strides in both building his business and contributing to the Erie, Pennsylvania community. Over the years, the agency’s principal agent, founding partner and owner, has created a business environment that not only provides important services but also enhances the overall prosperity of the region for which his company is named.
One key partnership that has propelled his success is Great Lakes’ collaboration with ERIEBANK, a respected local financial institution that is marking its 20th year in operation in 2025. ERIEBANK, known for its deep roots in Pennsylvania, has provided the financial support and expertise that Great Lakes Insurance has needed to expand its operations and contribute to the revitalization of the downtown corridor. This partnership is a reflection of the organizations’ shared dedication to helping local businesses succeed and building our communities.
“ERIBANK has been my banking partner since early 2017,” states Zaphiris.“They have helped me more than double our business since 2017, now with 12 insurance office locations, just shy of 80 employees, and sales exceeding $100 million a year.”
Zaphiris’ relationship with ERIEBANK started because of unexpected news from his former lender.
“I had made an offer on two pieces of real estate and my current bank had a change of heart on non-owner occupied real estate,” Zaphiris explains. “I had less than 30 days to close or I would lose a significant deposit, if didn’t make the closing date. I met with ERIEBANK and prior to 30 days being up, I had our first loan with ERIEBANK. Now, with multiple loans and lines of credit, we are approaching our 10-year anniversary with ERIEBANK.”
In 2017, Zaphiris acquired a former bank building at 12th and State Street to renovate and create new offices for the full-service agency, which operates in 45 states and the District of Columbia. Great Lakes has since transformed the building into a modern 45,000-square-foot headquarters. The redesigned building offers amenities such as a state-of-the-art kitchen, rooftop patio, fitness center and spacious meeting rooms, which have hosted various educational and training sessions. It’s an open-concept design that is inviting for employees and customers, and will host the highly anticipated Pennsylvania Motor Truck Association annual meeting in 2025, which will draw up to 400 people to Erie.
The developer also bought a vacant lot across the street on West 12th, which has since been turned into a new branch building for another bank. He then bought the former General Tire building at 121 West 12th Street, to create a new clinic and administrative offices for LIFE-Northwestern Pennsylvania.
Recently, Zaphiris announced plans for a second 100-year-old building in downtown Erie — The Metropolitan on West 13th Street and Peach. The first floor will have a cafe and event space, with offices and apartments above, with plans to enhance the greenspace and recreation area near Griswold Park.
The development aims to further strengthen the company’s presence in the area and contribute to the revitalization of the downtown. With a projected $20 million investment in the downtown area, Zaphiris and his partners and team at ERIEBANK continue to make a lasting positive impact on the community.
“ERIEBANK is passionate about staying the course and looking at what they can do to help you grow,” says Zaphiris. “My ERIEBANK team knows me, and they have given me a runway because they know and have watched us grow. They underwrite the numbers, but they also underwrite the person they are lending to.”
MADE IN PA
ERIEBANK, a division of CNB Bank in Clearfield, Pennsylvania, started out on the premise of returning to more personalized banking and opened in Erie in 2005. The bank was led by founding president, Dave Zimmer, dedicated board members and a few loyal employees — many of whom are still with the bank today. Since that time, ERIEBANK has continued to grow to more than 76,000 customers across Northwestern Pennsylvania and Northeast Ohio, including Cleveland.
“We have a vested interest in what happens in our community, explains Pennsylvania Regional President Katie Jones. “If our community’s not successful, we’re not going to be successful, and if we’re not contributing to that success, we’re not doing what we’re supposed to do. We just want to see our communities grow, and I think we’re really passionate about that, and that’s how we try to do business every day.”
For ERIEBANK, the goal to help the communities grow starts with customer relationships like Great Lakes. According to Wes Gillespie, president of ERIEBANK, “The more we know our customer, the better we can be at a point of value to help them grow, to help them achieve what they want to achieve.”
ERIEBANK has no restrictions on the size of the customer it can work with, but if the lending limit is reached, the bank can work with other lenders on financing, if necessary. “We take every single opportunity to look at it for the merit of that particular business.”
For Great Lakes, which was founded in Erie in 1969, Zaphiris says the local business decision making made all the difference. “ERIEBANK listens to you and makes decisions locally, and I feel they also really take into consideration how we started and what it took to get to where we are today,” Zaphiris explains.
Tim Roberts, senior vice president of Commercial Banking at ERIEBANK, worked with Great Lakes from the start. He came to better understand the business plan and the people behind it. “When you look at a community, it’s more than just dealing with the business. You’re dealing with the person, business- wise and personally. I think that helps you really understand who they are, how they operate, and I think that’s what separates our bank,” Roberts says.
Roberts describes Zaphiris as not only a client but also a friend. “We’re both passionate about our customers, co-workers and community. Pete truly cares about where he lives and works, and I think that’s why his business has been so successful. It’s been a really good fit for both the bank and for Pete.”
ROLE IN GROWING THE ECONOMY
ERIEBANK has been able to help businesses, like Great Lakes, grow their operations and the economy over the past 20 years thanks to its out-of-the-box investment lending coupled with the backing of CNB Financial Corporation, a financial holding company with consolidated assets of approximately $6 billion.
“We’ve grown from nothing to about $1.5 billion in assets in 20 years, which is pretty remarkable. But having the backing of CNB allows us to have a full suite of financial products that other banks don’t have, so we have everything that anybody can need,” adds Jones. “This gives us the power to be able to do things that we may not be able to do just as a local bank, but we deliver it in a way that it’s local.”
“We hit above our weight,” adds Gillespie. “We have the capacity of a large bank but also deliver it as a sort of Main Street community bank.”
Peter Zaphiris of Great Lakes Insurance and ERIEBANK Senior Vice President of Commercial Banking Tim Roberts look over development plans at Great Lakes’ new offices in downtown Erie.
Having local bankers be the ones to make final lending decisions, instead of farming them out of town, can be make or break for business owners such as Zaphiris.
“At the end of the day, I can pick up the phone and say, ‘OK, this is what I’m looking at,’ and it’s their job to help me grow,” explains Zaphiris. “It’s no different than my job with my clients. I teach them as much as I can about insurance to make them grow. Because at the end of the day, we’re all successful.”
One of ERIEBANK’s most significant investments is the new SMART Center at 10th and Parade Street, a key part of the revitalization efforts being led by the Eastside Renaissance. This state-of-the-art Financial Education Center serves as both a full-service bank branch and a hub for financial literacy, featuring a wireless cafe and innovative resources. This investment brings essential banking services back to an area that has lacked a financial institution for decades.
“We really think it’s going to be very impactful for the community in financial education and the solutions that we can bring,” explains Jones. “We just announced a $10,000 grant program for people to help purchase homes in certain zip codes. They can use it for closing costs, for down payments, whatever they need it for. We are opening doors for people, providing the education and the knowledge that they need to be able to meet their financial goals.”
ERIEBANK was one of the initial investors in the Erie Downtown Development Corporation’s (EDDC) revitalization plans for downtown Erie and continues to support EDDC’s efforts today both financially and through paid time off volunteer efforts. “That’s a really important piece of what’s happening in our community,” Jones continues. “We’ve been a significant community supporter since our inception — with the hundreds of thousands of dollars that we’ve been able to donate to local nonprofits and organizations in the most impactful ways that we can.”
BACKING OF CNB
Not only does ERIEBANK have the financial resources of a large bank, but a physical presence as well. The bank has 14 offices in Pennsylvania and Ohio, employing about 100 people. Overall, CNB employs about 800 people with more than 50 locations as it continues to enter new markets.
Most recently, CNB announced that it has entered a definitive agreement with ESSA Bancorp. Inc., which would merge ESSA into CNB upon regulatory approval. “It’s just another example of how the bank will continue to look for opportunities to really kind of expand our brand for customers and our shareholders,” says Jones.
For its part, ERIEBANK continues to be one of the growth banks in CNB’s family of banks. “Both Erie and Northeast Ohio will continue to be very important to the company in terms of growing our asset size,” says Gillespie.
“That’s why we’re so focused on working with EDDC and the new branch we’ve put there,” he says. “We want to be a part of the healthy growth of the City of Erie. We want to be not only a part it, but we also want to help drive it by working with people that have a vision like Peter Zaphiris, and that’s why we have people on our team, like Tim Roberts, who can execute and help drive that momentum.”
A BETTER BANKING EXPERIENCE
ERIEBANK prides itself on its customer relationships, like Zaphiris’, but also in the tools and services that have made the banking experience better for its customers.
To get full-service, face-to-face banking at its branch locations, ERIEBANK also introduced enhanced teller machines (ETMs) with extended hours — 7 a.m. to 7 p.m. Monday through Friday, and 8 a.m. to 3 p.m. Saturdays. The ETMs connect customers with a representative at ERIEBANK’s customer service center at 12th Street in Erie.
“Anything you can do inside the branch, you can do through that machine with a couple of minor exceptions, but it’s personalized service and it’s convenient,” says Jones. “It’s like the self-checkout at the grocery store versus going to a cashier. We’ve got the best of both worlds.”
ERIEBANK’s Treasury team also provides a variety of technological resources to enhance their financial management capabilities, including robust online banking platforms that facilitate easy and efficient cash management, allowing businesses to access their accounts, initiate payments and monitor cash flow in real time.
“I stack our team up to anybody across the country,” says Gillespie. “You can pick up the phone and call them, and they’re going to help you immediately. It’s a good combination of the available technology, but personalized service.”
ERIEBANK prides itself on its WOW Promise, which is a commitment to delivering exceptional customer service and personalized banking experiences that go beyond expectations. “We want our customers to feel better walking out our doors than they did coming in, and so that’s what we aim for every day,” adds Jones.
For business owners, like Zaphiris, it’s this sort of service that sets successful businesses apart. “We’re a family business, but at the end of the day, it is not all about making money, it’s about doing the right thing,” he says.
After two decades in operation, ERIEBANK hasn’t lost sight of its founding principles. “Our true focus is doing the right thing for our customers, our co-workers and our community. That’s our vision statement. It hasn’t changed,” says Jones. “That really grounds us and keeps us focused — and that’s what has helped us be successful over these last 20 years.
