Business
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Huntingdon Valley’s Polonia Bancorp Acquired by Prudential Bancorp
Huntingdon Valley’s Polonia Bancorp has been acquired by South Philadelphia’s Prudential Bancorp for $37 million, writes Jeff Blumenthal for Philadelphia Business Journal. The deal came into effect on January 1, with Prudential acquiring 100 percent of Polonia’s outstanding shares in exchange for cash and common shares from Prudential. The transaction gives Polonia shareholders $11.28 per…
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Baird’s Economic, Stock Market Outlook Shows Careful Optimism for Coming Year
Despite the political uncertainties brought on by November’s presidential election results, 2017 is shaping up to be a positive year for both the economy and the markets, according to Baird’s 2017 Economic & Stock Market Outlook report. The path for sustained growth has already been planted under the current administration, and 2017 will most likely…
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Republic First Bancorp Elects Vernon W. Hill, Completes $100M Common Stock Offering
Republic First Bancorp, the holding company for Republic First Bank with offices in Abington, Bala Cynwyd, Plymouth Meeting, and Wynnewood, has elected Vernon W. Hill, II as its new Director and Chairman. Hill, who is credited with reinventing Retail Banking, has an impressive resume that includes being the Founder and Chairman of Commerce Bancorp, the…
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Malvern Bancorp Hires New Exec to Work with Nonprofits, Independent Schools
Malvern Bancorp, the parent company of Malvern Federal Savings Bank, has recruited Patricia McLennan to join the organization in January 2017, and serve as Senior Vice President and Director of Community Development, dealing specifically with nonprofits and independent schools. McLennan will be working with the CEO and executive management team in handling and coordinating internal…
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Conshohocken’s Firstrust Bank to Present 5th Annual Business First Awards
Conshohocken’s Firstrust Bank is gearing up for its fifth Business First Awards which honors local businesses that have a positive impact in the community. Started in 2012, the Business First Awards celebrate companies with exemplary business ideals, and has already awarded over $150,000 to local businesses and charities. The BFA differs from other awards as…
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Vanguard Expects U.S. Economy Will Continue to Grow at Modest Pace
According to the experts at Vanguard, the U.S. economy continues to grow at a modest pace. In the following video, Chief Economist for the Americas Roger Aliaga-Díaz and Senior Investment Strategist Andrew J. Patterson discuss their expectations for the economy as we head into 2017 and what that means for investors. “We have a lot of…
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Malvern Bancorp Reports 565 Percent Increase in Net Income from This Time Last Year
Malvern Bancorp continues to prosper, as the parent company of Malvern Federal Savings Bank has reported strong operating results for the fourth fiscal quarter ended September 30, 2016. Net income amounted to $7.7 million, or $1.21 per fully diluted common share, for the quarter ended September 30, 2016. That represents an increase of $6.6 million,…
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Montgomery County Leadership: David E. Sparks, Chairman and Founder of First Priority Bank
MONTCO Today speaks with David E. Sparks, Chairman and Founder of First Priority Bank and Chairman and CEO of First Priority Financial Corporation about growing up in Upper Merion when farms, instead of malls and shopping plazas, lined Route 202, playing varsity basketball in high school and then college, running a string of 24 officers’…
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Lower Merion, NBA Star Kobe Bryant Enters Venture Capital Arena
NBA all-star and Lower Merion High School graduate Kobe Bryant has decided to enter the venture capital arena after retiring from his two decade long professional basketball career with the Los Angeles Lakers, according to a staff report from Philadelphia Business Journal. Bryant is planning to launch a venture capital fund with tech entrepreneur Jeff…
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Customer Satisfaction on Malvern Federal Savings Bank’s CEO’s Mind as Listening Tour Kicks Off
Malvern Federal Savings Bank CEO Anthony C. Weagley and SVP Sally Lawson will embark on a Listening Tour beginning Wednesday at the Berwyn Financial Center. The Listening Tour will introduce the bank’s wealth management platform, and provide the bank’s leaders an opportunity to hear from clients to ensure they are receiving the best customer service.…
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Royal Bancshares Ditches Last of Its TARP Baggage, Looks to Future Growth
Royal Bancshares of Pennsylvania is rowing closer to sunny shores this week. After the Narberth financial institution first took on water back in 2009 and endured 19 straight quarters of drifting, it has finally bailed the last of its $30.4 million in principal obligations and additional dividends to the federal Troubled Asset Relief Program. Royal…
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Malvern Federal Savings at Forefront of Women in Banking Revolution
Banking and finance is one of several industries across the economic landscape whose cultures are rooted in traditions of the past. Which is why women who work in this field primarily gravitate toward the retail side, as opposed to the lending side. The Harrisburg-based Pennsylvania Bankers Association said that only 37 percent of all commercial…
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Merion’s Crusader Against Financial Abuse of Elders Joins EverSafe
Liz Loewy, the Merion native who became famous after convicting the son of socialite and philanthropist Brooke Astor for financial abuse of elders, will continue to fight the good fight at EverSafe, the company that helps prevent financial crimes against seniors, writes Erin Arvedlund for the Philadelphia Inquirer. The start-up firm is the new home…
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Fort Washington’s Ditech Financial Hosts Home Repair Events Across the Nation
Ditech Financial, a Fort Washington-based lender and servicer of residential mortgages, is hosting a series of events with the housing nonprofit Rebuilding Together to provide critical home repairs to low-income residents throughout the United States. “Here at Ditech, helping people fulfill their dreams of becoming homeowners is the motivation behind our work, day in and…
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Bryn Mawr’s American College of Financial Services Joins Task Force on Retirement Planning
The Bryn Mawr-based American College of Financial Services, the nation’s largest nonprofit educational institution devoted to financial services, and the Funding Longevity Task Force have announced a partnership designed to expand the body of knowledge on issues related to reverse mortgages and home equity in retirement planning. Since its inception in 2012, the Task Force…
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Huntingdon Valley Bank Prepping to Go Public
Huntingdon Valley Bank is throwing open the doors to its vault — so the community can bring money in, not take it out. It’s going public in a conversion from a mutual bank to a shareholder-owned institution in hopes of raising more capital. Despite a legacy that extends back to 1871, Huntingdon Valley Bank has…
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TruMark Financial Brings More Business to Montco, Scoops Up Dow Northeast
In the wake of the mammoth merger between DuPont and Dow Chemical Co., TruMark Financial Credit Union is taking care of the financial affairs of the chemical maker’s employees. TruMark has just acquired Dow Northeast Employees Federal Credit Union, which has offices in Collegeville and Center City, according to a Philadelphia Business Journal report by…
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Valley Green Bank Branches to Be Rebranded by Souderton’s Univest
Early next year, Souderton’s Univest will be rebranding the Valley Green Bank locations it purchased in 2015, writes Jeff Blumenthal for the Philadelphia Business Journal. The Montgomery County bank has been continuing to use the Valley Green name for the branches that it acquired in January 2015. However, when the two-year transition period expires, they…
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