Banking & Finance
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Considering a Second Home or Investment Property? New Fees Could Make It More Expensive; Local Mortgage Lender Says Now’s the Time to Act
Purchasing an investment property or second home will soon cost more due to new upfront fees for second-home loans by the Federal Housing Finance Agency. Potential owners looking to finally buy that vacation home in the Poconos, or at the Jersey Shore, are encouraged to seek advice on how the fees will impact their purchases.…
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Santander Bank to Exit U.S. Residential Mortgage Business, Plans to Lay Off 53 Employees in Conshohocken
Santander Bank is planning on exiting the residential mortgage and home equity origination space in the United States and lay off 53 employees in Conshohocken in the process, writes Jeff Blumenthal for the Philadelphia Business Journal. “We will discontinue residential mortgage and home equity originations as we continue to focus on investing in products that…
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C&N Welcomes Matthew L. Bower as Executive Vice President, Chief Wealth Management Officer
Citizens & Northern Corporation announced that Matthew L. Bower will lead the C&N Wealth Management team as EVP, Chief Wealth Management Officer. With Bower’s 25 years of industry experience, he brings a depth of knowledge and leadership experience to C&N. Most recently, he led PNC’s Wealth Management Group in Atlanta, Ga., as Managing Director, delivering…
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Ambler Savings Bank Saves Business Leaders a Most Precious Commodity: Time
English poet Geoffrey Chaucer knew what he was talking about when he said, “Time is the coin of your life.” Ambler Savings Bank understands the crucial connection between the everyday ticking of the clock and the successful operation of an active business. The knowledge of that crucial interdependence is behind the bank’s provision of the…
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Cryptocurrency 101: Here’s What You Need to Know
The topic of cryptocurrency is discussed by pundits on the news, influencers on social media, and people trying to make small talk. You would think with how much cryptocurrency gets mentioned we would all be experts by now. But it feels like when you try to ask someone what cryptocurrency is or why they own…
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Meridian Bank Closes SBA Loan for Local, Family-Owned Biotech Company
Meridian Bank SBA Lending Team has closed a $1,350,000 SBA loan for a Delaware County-based company to purchase commercial real estate and FF&E (furniture, fixtures, and equipment). The mortgage loan was structured with a fully amortizing 25-year term and financed 90 percent of the real estate purchase, new equipment, funds for minor property improvements, and…
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Gov. Wolf Increases Minimum Wage for Commonwealth Employees to $15
As of January 31, some state workers in Pennsylvania received a raise, thanks to a boost to the Pennsylvania minimum wage. A staff report from 6abc tallied the details. Governor Tom Wolf has increased the minimum wage for commonwealth employees to $15 per hour. “Increases in the minimum wage raise employee morale, productivity, and work…
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Penn Community Bank President & CEO Named Vice Chair of Federal Reserve Council
Jeane M. Vidoni, president and CEO of Penn Community Bank, has been appointed by the Federal Reserve Board of Governors to serve as vice chair of the Community Depository Institutions Advisory Council (CDIAC). CDIAC advises the board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives…
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WSFS Bank’s Charitable Donations — More Than $2 Million in 2021 — Are a Catalyst for ‘Generational Change’
The charitable-giving arm of WSFS Bank, the WSFS CARES Foundation, provided grants and donations totaling more than $2 million to 349 organizations located across Delaware, New Jersey, and Pennsylvania in 2021. “For nearly 200 years, WSFS has worked tirelessly to enrich our communities through our philanthropic efforts, personal commitment to service, and intentional desire to…
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Firstrust Bank: 88 Years of Grit, Vision, and Family Strength in a Local Financial Institution
American life in 1934 was on the upswing. The Great Depression was showing signs of abating; the U.S. gasped at the first photograph of the Loch Ness Monster; and Donald Duck debuted on movie screens. And locally, what would eventually become Firstrust Bank was launched by Samuel A. Green. Humble Beginnings and Familial Continuity Samuel…
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Struggling Montco Homeowners Can Apply for Financial Help to Avoid Losing Their Homes
Starting February 1, Pennsylvania homeowners who are struggling due to the pandemic can apply for federal assistance to keep them from losing their homes, writes Michaelle Bond for The Philadelphia Inquirer. Pennsylvania has received $350 million through the federal Homeowner Assistance Fund under the American Rescue Plan Act. The resource is heading to the Pennsylvania…
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Penn Community Bank and Startup Bucks Announce Economic Development Partnership
Penn Community Bank has announced an exclusive partnership with Startup Bucks aimed at supporting and growing the startup ecosystem in Bucks County. The collaboration brings together the largest mutual bank in eastern Pennsylvania and the Doylestown-based nonprofit to help entrepreneurs and small to mid-size companies scale in size to create local jobs, and drive economic…
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Green Family Foundation and Firstrust Bank Anticipate College Scholarship Applications from Class of 2022
For the past 53 years, the Green Family Foundation has supported local high schoolers in pursuit of college degrees. It has done so in collaboration with Firstrust Bank, overseeing a scholarship program with far-reaching implications. The charitable outreach is again committing to help area students gain an advanced degree from which to launch a lucrative…
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Forecast of Vanguard CEO, Top Strategists: Next Decade One of More Modest Returns
Vanguard CEO Mortimer “Tim” Buckley and the firm’s two top strategists have offered investors a lackluster stock market forecast for the following decade, writes Erin Arvedlund for The Philadelphia Inquirer. They warned investors that they should expect to see far more modest returns this year and over the coming decade, while also giving a guarded…
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Penn Community Bank Welcomes New Director of Residential and Consumer Lending: Jim Calista
Penn Community Bank, the largest mutual bank in eastern Pennsylvania, is pleased to announce the hiring of Jim Calista, SVP – Director of Residential and Consumer Lending. In his new role, Calista will lead the bank’s team of Mortgage Loan Officers and consumer lenders. His past experience includes eight years as a mortgage lender and…
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Meridian Bank Donates $2,500 to Great Valley School District Education Foundation
Aliese Rosado, Assistant Vice President and Retail Market Manager at Meridian Bank, recently visited the Great Valley School District, along with her colleague, Carl Buchholz, the bank’s SBA Franchise Specialist and a 2009 graduate of Great Valley High School. The pair presented a $2,500 check to the Great Valley School District Education Foundation (GVSDEF). The…
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PA-based Customers Bank Launches New Tech and Venture Banking Group
A new national technology and venture banking group based in Phoenixville and around southeastern Pennsylvania has been announced by Customers Bank, where it plans to serve early, growth, and late-stage technology companies, writes Joe Zlomek for The Sanatoga Post. According to the bank, the new unit intends to provide “unique financial products and structures designed…
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Penn Community Bank Invests in Both New and Existing Team Members
Penn Community Bank is kicking off 2022 with an announcement of increased support for existing employees and new team members joining the financial institution. The per-hour base pay rate is now $17 for all positions, effective immediately. The increase is an economic benefit to all new hires and 10 percent of existing team members. In…
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