Business
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Malvern Bank ‘Grows It Forward’ for the Benefit of the Chester County Food Bank
Over the last five years, Malvern Bank, National Association’s Coventry Financial Center has seen peppers, tomatoes, and kale grow along with its investments and assets. The Coventry Branch Garden Project is just one more way that Malvern Bank gives back to the communities it serves. “Back in 2013, we came up with the idea of…
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Tech Talk: Bitcoin bubble bursts, leaving investors hurting
The value of Bitcoin, the digital cryptocurrency, has declined by 75 percent since hitting its peak in January. Now that the bubble has burst, investors who saw the the value of their holdings crash are wondering just what went wrong, write Nathaniel Popper and Su-Hyun Lee at bizjournals.com. [uam_ad id=”54865″] The virtual currency markets have been…
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Ardent Credit Union names Farah Jimenez to its board
Philadelphia-based Ardent Credit Union (ACU) recently announced the appointment of local community leader Farah Jimenez to the Ardent Credit Union Board of Directors. The Board is proud to welcome Ms. Jimenez who currently serves as the President & CEO of the Philadelphia Education Fund. [gap] Ms. Jimenez’s nonprofit career spans nearly 20 years in executive management…
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Cryptocurrency funds launching at record pace
Bitcoin is perhaps the most widely known cryptocurrency, but there are many others, and hedge funds are getting in on the game with new investment opportunities. Falling prices for cryptocurrencies, and an uncertain regulatory environment, in 2018 haven’t deterred new crypto investment funds from opening, according to new analysis from Crypto Fund Research. In fact,…
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WSFS and Beneficial banks to combine and create largest bank in the Philadelphia region
WSFS Financial Corporation ($7.1 billion in assets) will combine with Philadelphia-based Beneficial Bancorp, Inc. ($5.8 billion in assets) to create the largest and premier locally-headquartered community bank for the greater Delaware Valley. The deal joins two lenders with working-class roots into what their leaders call the first Philly-area bank big enough to challenge the national giants…
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Quarterly results a testament to how Malvern Bancorp ‘goes beyond client expectations’
Malvern Bancorp – parent company of Malvern Bank, National Association – has reported operating results for the third fiscal quarter ended June 30, 2018. Net income amounted to $2.2 million or $0.35 per fully diluted common share, for the quarter ended June 30, 2018, an increase of $0.5 million, or 30.5 percent, as compared with…
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Wells Fargo: Retirement a major factor in shrinking number of financial advisers
Wells Fargo Advisors, the investment management arm of Wells Fargo & Co., experienced a net decrease of 173 financial advisers during the second quarter. The bank said the net loss represents just 1.2 percent of total advisers and that 32 percent of that was because of retirements, writes Jeff Blumenthal at bizjournals.com. [uam_ad id=”54865″] Over…
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PNC Bank to expand into Boston, Phoenix
PNC bank, headquartered out of Pittsburgh but with at least 20 branch or ATM locations in Montgomery County and the third-largest retail bank in the Philadelphia region, will expand its corporate finance business into the Boston and Phoenix markets. The bank expanded into Denver, Houston, Nashville, Dallas, recently, and in 2017 expanded into Minneapolis and…
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Allied Universal, Conshohocken, to purchase security firm for $1B
Conshohocken security and facility services company Allied Universal has agreed to acquire U.S. Security Associates (USSA) from Goldman Sachs Merchant Banking Division for about $1 billion. Based in Roswell, Georgia, USSA has operations in the U.S. and internationally, with revenues in excess of $1.5 billion and more than 50,000 employees, writes Jeff Blumenthal at bizjournals.com.…
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Malvern Bank, National Association Launches New Automated Investment Service
Malvern Bank, National Association has launched 200Deep.com, a new automated investment service, in partnership with Bell Rock Capital. The folks at the Paoli-based bank and the Delaware-based investment advisor have discovered automated investing was a way for them to help investors leverage their 200-plus years of experience in a way that’s cost effective. [uam_ad id=”54865″]…
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Conshohocken’s Seven Tower Bridge bankruptcy to go to mediation
A judge overseeing a Chapter 11 bankruptcy of an entity established to develop Seven Tower Bridge, a proposed office tower in Conshohocken, Pa., has asked the involved parties to try to resolve what amounts to a financial dispute through mediation. U.S. Bankruptcy Judge Jean K. Fitzsimon signed an order June 27 to have Seven Tower Bridge Associates,…
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BBB and T Bank recognized for community reinvestment
BB&T Corp. has received recognition for its commitment to the communities it serves. The company was awarded an “outstanding” rating during the Federal Deposit Insurance Corp.’s (FDIC) most recent evaluation of Community Reinvestment Act (CRA) performance. It is the highest rating given by the agency on how well a financial institution meets the credit needs…
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Christopher McGill relishes chance to grow Bryn Mawr Trust’s new Philadelphia operations
Having the chance to head Philadelphia and South Jersey operations for a bank four times the size of his current employer was an opportunity too good for Christopher McGill to pass up. The veteran banker accepted a role last week as market president of Philadelphia and South Jersey for Bryn Mawr Trust Co. just days after he resigned…
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Bryn Mawr Trust appoints DNB Financial exec just days after he resigns
Bryn Mawr Trust appointed Christopher McGill to be market president of Philadelphia and South Jersey just days after he resigned from his position at DNB Financial Corp. McGill resigned as chief commercial lending officer at DNB, according to an SEC filing from June 6. His resignation is effective as of June 15, writes Kennedy Rose in the Philadelphia Business Journal.…
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Susquehanna International Group in Bala Cynwyd is ahead of Wall Street on Bitcoin
Susquehanna International Group in Bala Cynwyd is doing more than discussing trading Bitcoin. The financial firm, one of the largest players in trading taditional investments like stocks, has already started doing it. Over the last two years, the privately owned company has also built up a trading desk of around a dozen people that buys…
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Univest puts the breaks on branch expansion, shifts focus to digital enhancements
After growing its retail footprint in recent years via organic and acquisitive means, Univest Corp. of Pennsylvania said it has no immediate plans for branch expansion and instead will focus on enhancing its digital capabilities. Despite the shift, Michael Keim, president of subsidiary Univest Bank and Trust Co., acknowledged the bank would like to have more…
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Getting educated about your finances after Memorial Day
Several financial education events aimed at women and seniors in the Philadelphia area are coming up in the weeks following Memorial Day. The events include the “Second Saturday” seminar on divorce for women Saturday, June 9, at Boenning & Scattergood’s offices in Conshohocken, where attorneys Jean Biesecker and Barbara Zulick will explain the differences among…
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Malvern Bank, National Association Honors Narberth Ambulance in Celebration of EMS Week
In celebration of National EMS Week, representatives of Malvern Bank, National Association visited Narberth Ambulance on Monday with boxes of donuts to show appreciation for the myriad services its volunteers provide the community. Comprised of more than 80 members who volunteer their time, Narberth Ambulance is a nonprofit that provides 24/7 service to more than…
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