Banking & Finance
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Huntingdon Valley’s Polonia Bancorp Acquired by Prudential for $38.1M
Prudential Bancorp has agreed to acquire Huntingdon Valley-based Polonia Bancorp for $38.1 million in a merger that will increase its number of branches to 11 and boost it to $850 million in assets, writes Jeff Blumenthal for the Philadelphia Business Journal. According to the terms of the agreement, which is expected to close in the fourth quarter,…
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Fort Washington’s TruMark Financial Expands with Acquisition of Keystone Federal
With the acquisition of Keystone Federal Credit Union, the Philadelphia region’s third-largest credit union is expanding its presence in the region, writes Jeff Blumenthal for Philadelphia Business Journal. TruMark Financial Credit Union, which recently relocated its headquarters from Trevose to Fort Washington, already has six locations in Philadelphia and Montgomery County, four in Bucks County,…
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After Pair of Billion-Dollar Acquisitions, BB&T Empire Adds by Subtracting
BB&T Corp. has announced that it will consolidate 28 branches as part of its combined $4.3 billion acquisition of Susquehanna Bancshares and National Penn Bancshares, writes Jeff Blumenthal from the Philadelphia Business Journal. The Montgomery County branches in Abington, Pottstown, and Wynnewood are among those that will close. According to Blumenthal, BB&T said there would…
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Regulators Snatch Keys of KOP’s Failed First CornerStone Bank
State and federal regulators have shut down the distressed King of Prussia-based First CornerStone Bank, writes Jeff Blumenthal of the Philadelphia Business Journal. First Citizens Bank & Trust Co., a subsidiary of Raleigh, N.C.-based First Citizens BancShares, have assumed all of First CornerStone’s $101 million in deposits and $103 million in assets. First Citizens will…
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Bryn Mawr Bank Earnings Report Boosts Main Line Financial Pillar Above Angsts
A strong first quarter of earnings is helping the parent company of Bryn Mawr Trust rise above doubts surrounding the longtime local bank’s future. Bryn Mawr Bank Corp. has endured underperformance, accusations of compliance issues and an abrupt stock loss over the past year as it has attempted to assimilate the recent acquisitions of Davidson…
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Is a Recession Looming? Vanguard Economist Says Downturn Unlikely
In the following video, Vanguard Global Chief Economist Joe Davis examines the current low-growth environment and places the likelihood of a U.S. recession in the near future at 15 to 20 percent odds. Davis concedes that the odds of a recession are elevated given the economy’s slow growth, reduced exports and declining corporate profits. But…
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Bryn Mawr Bank Corporation Bounces Back in First Quarter
After a rare, fourth-quarter loss, Bryn Mawr Bank Corporation has bounced back with a net income of $8.3 million in the first quarter of 2016, writes Jeff Blumenthal of the Philadelphia Business Journal. The loss at the end of last year was due to a previously announced $17 million charge to terminate the company pension…
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Republic First Bank Selects New Commercial Lender for Regional Market
Republic First Bank, which has offices located in Abington, Bala Cynwyd, Plymouth Meeting, Wynnewood and elsewhere throughout Greater Philadelphia, has named Jerry Bresser the Vice President and Commercial Lender for the Pennsylvania market. Bresser has nearly 20 years of local banking experience. Prior to joining Republic, Bresser worked for Commerce Bank, where he was hired…
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North Wales in 93rd Percentile, King of Prussia 90th in Money Management
If you live in North Wales or King of Prussia and don’t work in finance, you might want to switch careers, because new data suggests that you have excellent money-management skills. According to a recent study conducted by WalletHub – an online, industry-leading finance resource – North Wales ranks in the 93rd percentile nationally in…
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Learn from WSFS Bank How to Protect Your Small Business from Asset Loss and Fraud at June 27 NoonZOOM
Recent events in banking have brought new attention to the financial services industry and have business leaders wondering if they are taking the right steps to ensure their money is safe. Join a pair of experts from WSFS Bank to learn the several ways to safeguard against threats like fraud or market volatility. On Tuesday,…
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