Banking & Finance
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Philanthropy the Theme at TruMark Financial Credit Union’s Annual Meeting
Employees of TruMark Financial Credit Union from Fort Washington received a lesson in philanthropy in addition to the credit union’s 2017 strategic plan during its annual meeting on February 7 at the Radisson Hotel in Valley Forge. TruMark Financial partnered with Odyssey Teams and The Helping Hand Project to provide employees with a “give back…
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Malvern Federal’s New Logo, Tagline Respects Past, Points to the Future
The Paoli-based Malvern Federal Savings Bank has announced plans to introduce an updated brand identity, including a new company logo and tagline, as part of a general expansion in 2017. As part of this initiative, Malvern Federal will re-introduce its brand in advertising, marketing materials, and branch signage, as well as on its website and…
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Harleysville Savings Financial Corporation Posts Positive First Fiscal Quarter Results
Harleysville Savings Financial Corporation has had a good first fiscal quarter, posting an increase of 4.76 percent in its regular quarterly cash dividend to $0.22 per share. HSFC, which is the holding company for Harleysville Savings Bank, reported income for the quarter ended December 31 of $1,374,000 or $0.36 per diluted share. This is a…
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Malvern Federal Savings Bank Appoints New Chief Operations Officer
Malvern Federal Savings Bank has appointed Alexander Opiela III to the position of Chief Operations Officer. He replaces Karen Walter. “Alex is highly regarded as a motivated professional, and we believe he is an outstanding addition to the team, bringing over 12 years of diverse banking experience,” said Anthony C. Weagley, President and CEO of…
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Bryn Mawr Bank to Acquire Its Neighbor, Royal Bancshares of Pennsylvania
Bryn Mawr Bank Corp. will acquire Narberth-based Royal Bancshares of Pennsylvania for $127.7 million, writes Jeff Blumenthal of the Philadelphia Business Journal. Bryn Mawr Bank previously boasted $3.2 billion in assets, but with Royal’s $832 million, it will soon exceed the $4 billion mark. Kevin Tylus, Royal’s president and CEO, will join Bryn Mawr Bank’s…
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First Priority Reports Fourth-Quarter, Year-End Results and Ends 2016 on High Note
First Priority Financial Corp., parent of First Priority Bank, has reported net income for the fourth quarter of 2016 totaling $737,000 or $0.10 per basic and fully diluted share. That represents a 17 percent increase compared to $628,000 or $0.06 per basic and fully diluted share in the fourth quarter of 2015, and a 55…
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Montgomery County Careers – Susquehanna International Group
Headquartered in Bala Cynwyd, Susquehanna International Group is a global quantitative trading firm founded with an entrepreneurial mindset and a rigorous, analytical approach to decision making. SIG commits its own capital to trade financial products around the world. Building virtually all of its trading technology from scratch, the company is full of leaders and innovators in high-performance,…
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Malvern Bancorp Posts Strong First-Quarter Earnings Driven by Loan Growth
The Paoli-based Malvern Bancorp, parent company of Malvern Federal Savings Bank, has reported operating results for the first fiscal quarter ended Dec. 31, 2016. Net income amounted to $1.2 million, or $0.18 per fully diluted common share, for the quarter ended Dec. 31, 2016, a decrease of $174,000, or 13.0 percent, as compared with net…
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Philly Fed Chief Tells Main Line Chamber Breakfast Interest Rates Likely to Rise 3 Times This Year
Three interest rate increases from the Federal Reserve are likely to arrive in 2017, but the economy is strong enough to handle it — for now. At a Main Line Chamber of Commerce breakfast last week, Philadelphia Federal Reserve Bank President Patrick Harker predicted the new year would see three interest rate increases, according to…
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Malvern Bancorp Reintroduces Insurance Subsidiary, Malvern Insurance Associates
The Paoli-based Malvern Bancorp, parent company of Malvern Federal Savings Bank, is reintroducing its insurance subsidiary, Malvern Insurance Associates, LLC. The company will offer commercial insurance; life, health, and long-term care insurance; and fixed annuities in its traditional Philadelphia Main Line geography and from its new offices in Morristown, N.J., and Quakertown. The Quakertown office,…
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Huntingdon Valley’s Polonia Bancorp Acquired by Prudential Bancorp
Huntingdon Valley’s Polonia Bancorp has been acquired by South Philadelphia’s Prudential Bancorp for $37 million, writes Jeff Blumenthal for Philadelphia Business Journal. The deal came into effect on January 1, with Prudential acquiring 100 percent of Polonia’s outstanding shares in exchange for cash and common shares from Prudential. The transaction gives Polonia shareholders $11.28 per…
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Baird’s Economic, Stock Market Outlook Shows Careful Optimism for Coming Year
Despite the political uncertainties brought on by November’s presidential election results, 2017 is shaping up to be a positive year for both the economy and the markets, according to Baird’s 2017 Economic & Stock Market Outlook report. The path for sustained growth has already been planted under the current administration, and 2017 will most likely…
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Republic First Bancorp Elects Vernon W. Hill, Completes $100M Common Stock Offering
Republic First Bancorp, the holding company for Republic First Bank with offices in Abington, Bala Cynwyd, Plymouth Meeting, and Wynnewood, has elected Vernon W. Hill, II as its new Director and Chairman. Hill, who is credited with reinventing Retail Banking, has an impressive resume that includes being the Founder and Chairman of Commerce Bancorp, the…
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Malvern Bancorp Hires New Exec to Work with Nonprofits, Independent Schools
Malvern Bancorp, the parent company of Malvern Federal Savings Bank, has recruited Patricia McLennan to join the organization in January 2017, and serve as Senior Vice President and Director of Community Development, dealing specifically with nonprofits and independent schools. McLennan will be working with the CEO and executive management team in handling and coordinating internal…
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Conshohocken’s Firstrust Bank to Present 5th Annual Business First Awards
Conshohocken’s Firstrust Bank is gearing up for its fifth Business First Awards which honors local businesses that have a positive impact in the community. Started in 2012, the Business First Awards celebrate companies with exemplary business ideals, and has already awarded over $150,000 to local businesses and charities. The BFA differs from other awards as…
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Vanguard Expects U.S. Economy Will Continue to Grow at Modest Pace
According to the experts at Vanguard, the U.S. economy continues to grow at a modest pace. In the following video, Chief Economist for the Americas Roger Aliaga-Díaz and Senior Investment Strategist Andrew J. Patterson discuss their expectations for the economy as we head into 2017 and what that means for investors. “We have a lot of…
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Malvern Bancorp Reports 565 Percent Increase in Net Income from This Time Last Year
Malvern Bancorp continues to prosper, as the parent company of Malvern Federal Savings Bank has reported strong operating results for the fourth fiscal quarter ended September 30, 2016. Net income amounted to $7.7 million, or $1.21 per fully diluted common share, for the quarter ended September 30, 2016. That represents an increase of $6.6 million,…
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Montgomery County Leadership: David E. Sparks, Chairman and Founder of First Priority Bank
MONTCO Today speaks with David E. Sparks, Chairman and Founder of First Priority Bank and Chairman and CEO of First Priority Financial Corporation about growing up in Upper Merion when farms, instead of malls and shopping plazas, lined Route 202, playing varsity basketball in high school and then college, running a string of 24 officers’…
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