Business
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Pennsylvania’s stable credit rating might not last
A rating agency has deemed Pennsylvania’s credit stable. That’s an improvement from several months ago, when the commonwealth received a downgrade from a different agency in the midst of an extended budget impasse, writes Katie Meyer for Philadelphia Business Journal. [uam_ad id=”54865″] But it doesn’t mean the fiscal woes are over. Even though Fitch Ratings has taken Pennsylvania…
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Univest Corporation of Pennsylvania names Timothy Chubb Chief Investment Officer
Univest Corporation of Pennsylvania (Nasdaq: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investment and equipment finance subsidiaries, recently announced that Timothy Chubb was appointed as the Chief Investment Officer (CIO) of Univest Wealth Management. Chubb will oversee the investment process across all lines of business within Univest Wealth Management, while…
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Top Vanguard Group economist warns investors of higher risks, lower returns
Low interest rates, inflation and volatility have led to an elongated period of slow but steady economic growth in the post-recession era. Though the modest incline may be in jeopardy as Vanguard Group offered its most guarded outlook on the economy in a decade, forecasting higher risks and lower returns for investors, writes Jeff Blumenthal for the…
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Bryn Mawr Trust to acquire Royal Bank
Bryn Mawr Bank Corp. has received final regulatory approval to acquire neighboring Royal Bancshares of Pennsylvania, CEO Frank Leto said, setting up the soon-to-be combined company to make changes to its physical footprint along the Main Line and its staff. The Federal Reserve signed off on the transaction, priced at almost $128 million when announced in January, on Thursday…
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Citadel Credit Union presents Citadel Palooza proceeds to Children’s Hospital of Philadelphia
Citadel Credit Union recently presented a check for $55,000 to the Children’s Hospital of Pennsylvania. The donation represents 100 percent of the funds raised by the inaugural Citadel Palooza, the country music festival held Oct. 7 at Pottstown’s Memorial Park, writes Donna Rovins for The Mercury. [uam_ad id=”54865″] More than 2,000 people attended the first…
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Vanguard Group testing new waters
Vanguard Group, the Malvern-based investment giant that manages close to $5 trillion in clients’ money, said Tuesday that it has registered a plan with the Securities and Exchange Commission to sell its first actively managed U.S. exchange-traded funds, starting next year. The funds will be targeted to “factors,” or investing trends, such as recent high share prices (a “Momentum”…
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Conshohocken-based eLocal completes $25M capital infusion
Conshohocken based eLocal, a leading provider of digital performance marketing and new customer acquisition for local, regional and national service businesses, today announced it has raised $25M in capital from LLR Partners. The investment will help support numerous growth initiatives, including expanding sales, marketing and technology efforts as well as potential acquisitions that complement eLocal’s existing…
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Archdiocese of Philadelphia records operating loss
The Archdiocese of Philadelphia on Monday reported a $1.7 million core operating loss in the year ended June 30, up from a comparable figure of $300,000 the year before, but the church’s Office for Financial Services said it made significant progress on fulfilling long-term obligations, writes Harold Brubaker for philly.com. [uam_ad id=”54865″] Besides establishing a…
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Facebook takes aim at Yelp, Foursquare
IT SEEMED LIKE only a matter of time until Facebook figured out how to kill Yelp and Foursquare. The company’s been experimenting around the edges for years: It’s offered food ordering within Facebook, a “Professional Services” portalfor finding nail salons and plumbers on Facebook, even ways to pay for stuff on the social network. And Facebook always had one huge, seemingly unshakable…
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Tracy Davidson to kick off Fierce Finances for Females
A night dedicated to females and the various aspects of financial empowerment awaits. Being prepared and having a plan is critical to financial success and stability. Most people do not properly plan for death, divorce, job loss, retirement and other transition times. Your host Julia Brufke Wenger has assemble several specialist in their respective fields…
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Self-storage empire building in Bala Cynwyd
By the end of 2017 — less than one year after its first acquisition — City Line Capital LLC’s self-storage portfolio should be well over 1 million rentable square feet. And the Bala Cynwyd-based self-storage investment firm shows no signs of slowing its brisk pace for acquisitions, writes John Egan for sparefoot.com. In fact, if…
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Genisphere raises $7M to advance nanotechnology platform
The Montgomery County life sciences company raised $7 million through private financing. The Hatfield, Pa. company plans to use the bulk of funding to advance its 3DNA nanotechnology platform for targeted drug delivery, writes John George for the Philadelphia Business Journal. [uam_ad id=”54865″] The 3DNA platform — which involves the creation of a nanoscale scaffold made from proprietary, synthetic…
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Betting on sports as a new investment strategy?
Susquehanna International Group has always embraced game theory, taking employees to baseball games and using poker as a tool for teaching its traders. Now the U.S. firm is betting that gambling on sports could be its next winning investment strategy, writes Kit Chellel and Annie Massa for bloomberg.com. [uam_ad id=”54865″] Susquehanna has set up a unit at its…
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NATIONAL SPOTLIGHT: JPMorgan Chase launches app aimed at millennials
There’s an app for that! In its first offering of online bank accounts, JPMorgan Chase & Co on Monday launched a new smartphone app that it hopes will attract new depositors, many of whom are young and may live far from any of its branch offices, writes David Henry for reuters.com. [uam_ad id=”54865″] The app,…
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Gov. Wolf looks to advisers on possible $1.25B PLCB loan
The Pennsylvania Liquor Control Board on Friday voted to hire financial and legal advisers to help pursue Gov. Wolf’s proposal to borrow $1.25 billion against future profits of the state’s alcoholic beverage monopoly, even as those profits are under pressure, writes Harold Burbaker for philly.com. Public Financial Management Inc. was hired to provide financial advice…
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Family succession secured at Firstrust Bank
Richard J. Green, chairman and CEO of Firstrust Bank, has acquired the majority voting shares and control of the institution from his father, Daniel. The move, made Sept. 27, was part of what the bank describes as an “orderly transition of Firstrust’s family ownership,” writes Jeff Blumenthal for the Philadelphia Business Journal. Firstrust, with headquarters…
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NATIONAL SPOTLIGHT: CNN receives permission to fly drones over crowds
As they become more ubiquitous, the sound of a drone overhead isn’t nearly as alarming as it once was, perhaps leading the way for a new FAA decision to allow them in news gathering. CNN said Wednesday it has received permission from the Federal Aviation Administration to fly drones directly over people, allowing the news network…
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Wells Fargo ATMs going cardless
Wells Fargo said Tuesday that it has added hardware to 40 percent of its ATMs with “tap and pay” technology that relies on customers using smartphones, mobile wallet and their PIN, writes Mark Calvey for the San Francisco Business Times. The San Francisco-based bank plans to upgrade all 13,000 of its ATMs with the near-field…
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