Business
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‘Exact Change Only’. Local Businesses Struggle With Coin Shortage
Of all of the consequences of COVID-19, a national coin shortage wasn’t one we saw coming, writes Victor Fiorillo for phillymag.com. So why is there a national coin shortage? According to the U.S. Federal Reserve, the COVID‐19 pandemic has disturbed the normal circulation patterns for coins. Cash transactions declined significantly during the COVID-19 shutdown. That…
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Paoli’s Covenant Bank Completes Merger with Wellsboro-Based Citizens & Northern Bank
Covenant Financial, which is headquartered in Doylestown and has a branch in Paoli, completed its merger with Wellsboro-based Citizens & Northern Corporation on July 1. The two parties previously announced the execution of an agreement and plan of merger on Dec. 18, 2019. Under the agreement, Covenant merged with and into C&N, and Covenant’s bank…
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Bryn Mawr Trust Sells All of Its PPP Loans to Third-Party Lender
Bryn Mawr Bank Corp. has sold all of its Paycheck Protection Program loans valued at over $300 million to The Loan Source, writes Jeff Blumenthal for the Philadelphia Business Journal. The third-party lender will now service the 1,850 loans that were previously handled by the bank. The bank did not disclose its gain on the…
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Coronavirus Pandemic Accelerates Bryn Mawr Trust’s Plans to Shift Significant Number of Employees to Remote Work
The coronavirus pandemic has accelerated Bryn Mawr Trust’s plans to shift a significant number of its employees to permanently working remotely, writes Jeff Blumenthal for the Philadelphia Business Journal. According to CEO Frank Leto, 40 percent of the company’s employees will continue to work from home after the offices reopen. During the last several months,…
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Malvern Bank Helps Decades-Old Art Show Respond to COVID-19
What happens when a nonprofit’s most important annual fundraiser is closed because of the COVID-19 pandemic? That is the situation faced by the nation’s approximately 1.5 million nonprofits. The coronavirus has altered the lives of every American, and many businesses – including nonprofits – are facing dire economic repercussions as a result. “Many nonprofits are…
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Bala’s Osage Venture Partners Invests $3M After Vetting Software Company Remotely
Bala Cynwyd-Based Osage Venture Partners has made its first investment during the coronavirus pandemic while making sure to still follow social-distancing guidelines, writes Michelle Caffrey for the Philadelphia Business Journal. The firm invested $3 million into Malbek, after vetting the contract management software company remotely. It took Osage hours and hours of Zoom meetings combined…
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Citadel Rolls Out COVID-19 Loan Relief Program to Support Members in Need
Due to the COVID-19 pandemic, Citadel has introduced a Loan Relief Program to help alleviate financial struggles for members. The program aims to support all Citadel members in need due to COVID-19. Through the program, Citadel has automatically pushed back due dates for members with the following types of loans for at least two payment…
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Learn How to Conserve Cash During Coronavirus Pandemic
For those who need to conserve cash during the coronavirus pandemic, there are several ways available to cut back on expenses to achieve this, writes Erin Arvedlund for The Philadelphia Inquirer. Due to disruptions caused by the coronavirus crisis, Americans have been given three more months to pay and file their taxes. This means that…
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Pennsylvania Approves $60M in Aid for Small Businesses Affected By Coronavirus Crisis
Pennsylvania has approved $60 million in aid to assist small businesses that have been affected by the coronavirus crisis, writes Kennedy Rose for the Philadelphia Business Journal. The COVID-19 Working Capital Access Program will provide up to $100,000 in loans to small businesses with 100 or less full-time employees. “My top priority is to save…
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Consider a Community Bank for Your Mortgage Loan
By Malvern Bank, National Association On March 3, the Board of Governors of the Federal Reserve System cut interest rates by half a percentage point. In addition, on March 15, they cut interest rates by one percentage points. Both of these cuts were pre-emptive moves to protect the economy from the coronavirus. One of the…
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Demand for Emergency Small Business Loans Overloads State’s Application Site
After Governor Tom Wolf, state economic agencies, and the Small Business Administration announced they will start giving out loans for small-business owners due to coronavirus-caused shutdowns, the application site was flooded with so many visitors that it soon overloaded, writes Erin Arvedlund for The Philadelphia Inquirer. Julie Foster, owner of Tired Hands Brewery in Ardmore,…
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Four Personal Finance Tips to Weather the Coronavirus Economic Storm
As the coronavirus leaves the economy struggling and the public wondering what to do to protect themselves, WalletHub, a personal finance website based in Washington D.C., has come up with a list of four tips for keeping your wallet safe. Ask Your Bank for Help “Many banks and credit unions have stated they are willing…
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Seedcopa Alert: Coronavirus Assistance for Montgomery County Small Businesses
Seedcopa, an affiliate of the Chester County Economic Development Council is sharing information on possible assistance for Montgomery County small businesses in the wake of Covid-19. SBA Administrator Jovita Carranza has issued a statement in response to the President’s address to the nation on coronavirus and efforts to support small businesses. She outlined the process for…
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MONTCO Careers: Centric Bank
Centric Bank, with offices in Doylestown and a new branch in Devon on the Main Line and a recipient of American Banker’s 2019 Best Banks to Work Work For for the second consecutive year, has a career opening for a Commercial Lending Officer in it’s Doylestown office. The Commercial Lending officer is responsible for developing new…
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Covenant Bank Donates $30,000 to Bucks County Nonprofit
Covenant Bank has donated $30,000 to Libertae under the Educational Improvement Tax Credit (EITC) Program. Located in Bensalem, Libertae is a treatment program dedicated to treating and supporting women with substance abuse disorders. It operates a full-service, on-site daycare where children can play and learn while their mothers are in treatment. The EITC funds allow…
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Huntingdon Valley Bank Looking to Relocate Its Headquarters to Neighboring Bucks County
Huntingdon Valley Bank is looking to relocate its headquarters from its Montgomery County home to Doylestown, the county seat for Bucks County, writes Jeff Blumenthal for the Philadelphia Business Journal. According to Huntingdon Valley Bank Chief Lending Officer Hugh Connelly, the bank decided to relocate its nexus into a more hopping business community as it…
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Malvern Bank Honored Again for Having 20 Percent or More Board Seats Held by Women
Malvern Bank, National Association has been named a Winning “W” Company by 2020 Women on Boards for achieving at least 20 percent women on its corporate board before the year 2020. This is the third consecutive year that Malvern Bank has been named a Winning “W” Company. Winning “W” Companies are cited in the 2020…
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Centric Bank Recognizes Participants, Winners of Video Contest for High School Students
Centric Bank has honored the participants and winners of its second annual video contest – titled “Lights, Camera, Save!” – for high school students. Fifteen students showcased their digital and storytelling talents in videos about the importance of saving money. The students represented high schools from Centric Bank service areas in Bucks, Chester, Dauphin, and…
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