Business
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Moody’s Says Montgomery County in Healthy Financial Position
Moody’s, one of Wall Street’s biggest ratings firms, says Montgomery County is in a healthy financial position and has given it Aa1 rating, writes Brian McCrone for NBC10. The rating by Moody’s, which is its second highest grade, comes as the county is issuing two general obligation debt bonds totaling $51 million. The issue will…
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Conshohocken Veteran Says Military Experience Helped in Becoming Successful Financial Advisor
After serving in the military, veterans who have transitioned into financial advising like Conshohocken’s Sean Pearson are finding that their Armed Forces experience really helps, writes Morey Stettner for Investor’s Business Daily. Pearson is a certified financial planner who has served in the Pennsylvania National Guard for 19 years. For him, being in the military…
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President of Hatboro Federal Savings Recalls Climb from Bank Teller to CEO
Linda Roehner started work as a teller at Hatboro Federal Savings two days after graduating from high school and has worked her way up to become the President and Chief Executive of the bank, writes Jane Von Bergen for the Philadelphia Inquirer. “You name it. I did it,” said Roehner. “Teller, accounting, loan servicing.” Roehner…
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Ardent Credit Union Breaks Ground on New Flagship Location in Oaks
Ardent Credit Union recently held a groundbreaking ceremony at its soon-to-be flagship location, scheduled to be completed by the first quarter of next year in the Oaks Shopping Center. Distinguished guests included Pennsylvania State Representative Warren Kampf, Vice President of the Black Rock Volunteer Fire Department Matt Wanamaker, and Phoenixville Area Community Services representative Donna…
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First Priority Financial Appoints Mary Ann Messmer to Its Board
First Priority Financial Corp., parent company of First Priority Bank, recently announced that the Corporation has named Mary Ann Messmer to the board of directors for the Bank effective immediately. Messmer, who had served in a similar board capacity for the Bank from 2006-2012, is currently Executive Vice President, Private Banking of First Priority Bank,…
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Malvern Bancorp Posts Strong Third-Quarter Results
Malvern Bancorp, parent company of Malvern Federal Savings Bank, has reported strong results for the third quarter of 2016 with net income of $1.6 million or $0.25 per share for the period, an increase of 31.9 percent over the same quarter last year. In fact, for the nine months ended June 30, 2016, net income…
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Bryn Mawr Bank Corporation Reports Second-Quarter Increases
The Bryn Mawr Bank Corporation reported net income of $8.9 million and diluted earnings per share of $0.52 for the second quarter, as compared to $8.3 million, or $0.49 diluted earnings per share for the first quarter. “The results for the second quarter are promising, with the full effect of the first quarter loan growth…
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Narberth’s Royal Bancshares Offering Mortgages for First Time
Narberth-based Royal Bancshares, the parent company of Royal Bank America, is dipping a toe in new waters by entering the residential and refinanced mortgage business for the first time, writes Jeff Blumenthal for the Philadelphia Business Journal. The bank started taking applications in its branches this week, and will act as a mortgage broker under…
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Jenkintown Accounting Firm MDG Acquired by New York’s Marks Paneth
Jenkintown-based MDG has been acquired by New York’s Marks Paneth, joining several other local accounting firms recently acquired by out-of-state peers, writes Jeff Blumenthal for the Philadelphia Business Journal. The deal, which went into effect on July 1, will see MDG’s six partners and 14 professional staff join the more than 600 members of Marks…
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Souderton’s Univest Bank Acquires Hatboro’s Fox Chase Bancorp for a Cool Quarter-Billion
Souderton-based Univest Corporation has received regulatory and shareholder approval to close its pending $244 million acquisition of Hatboro-based Fox Chase Bancorp, writes Jeff Blumenthal of the Philadelphia Business Journal. The deal, which was announced in December and is now slated to close July 1, will make Univest the Philadelphia region’s ninth-largest deposit taker. “The merger…
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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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