Banking & Finance
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WSFS Bank completes president and CEO transition
As planned, Rodger Levenson is the new President and Chief Executive Officer of WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, and a member of its Board of Directors. His new roles became effective January 1, 2019. Mr. Levenson is a long-time banker in the Greater Delaware Valley and has been a…
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Ardent Credit Union to launch lines of credit for pet owners
You just never know when Fido is going to need a new addition to his dog house, or when Fluffy might have to go in for a dental emergency, so why not be ready when the time comes a barking, or calling. Ardent Credit Union introduced a new way for pet owners to deal with…
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TruMark ‘drains one from downtown’ with Sixers partnership
Call it a slam dunk. Call it nothing but net. There are countless cliches for the recent partnership between the Philadelphia 76ers and TruMark Financial Credit Union. TruMark Financial of Fort Washington becomes the first-ever “Official Credit Union” of the basketball team with the signing of the new agreement, writes John George for Philadelphia Business…
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Be ‘Merry’ with Malvern Bank, National Association
The holidays are a season for giving and spending time with loved ones. To celebrate, Malvern Bank, National Association will be a sponsor of “Malvern’s Christmas on King” event on Saturday, Dec. 1. Christmas on King is produced by the Malvern Business & Professional Association. The holiday event will feature a variety of performances and…
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Malvern Federal Charitable Foundation awards grants to local nonprofits
Malvern Federal Charitable Foundation has awarded 11 grants totaling $105,000 to charitable, nonprofit organizations in its local markets. The organizations receiving grants are: The Timothy School in Berwyn is the state’s oldest nonprofit school devoted exclusively to the educational needs of autistic children. The school works to develop an understanding of autism that recognizes the…
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Educating seniors on financial fraud one way Malvern Bank gives back
“I always go back to thinking that if it were my grandmother or grandfather, I would want them to be made aware of this,” said Glen Pierson, Vice President/Financial Sales Manager of Malvern Bank, National Association. Pierson is talking about financial exploitation and fraud aimed at seniors, and he and his bank recognized the need…
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Tech Talk: Another mainstream move for cryptocurrency
While the language, and the product still sounds a little cryptic, cryptocurrency and the blockchain technology that drives it took another step into the mainstream thanks to Fidelity Investments. Fidelity Investments has launched a new company for its institutional clients that will trade and store digital assets such as bitcoin, the asset manager said on…
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Tech Talk: Cryptocurrency hedge funds continue launching at record pace
Hedge funds are not hedging their bets when it comes to cryptocurrency. Ninety cryptocurrency hedge funds launched in the first three quarters of 2018, on track for 120 for the fiscal year, according to Crypto Fund Research. The record rate of new crypto hedge fund launches defies traditional thinking that hedge funds tend to launch most…
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Tech Talk: Blockchain holds promise for subcontractors
Every new building should begin with a solid foundation, everyone knows that, but how the people who build those foundations are paid, may be changing dramatically as cryptocurrency continues to grow along with the technology it was built on. Blockchain technology holds the potential to change how builders hire and pay subcontractors and suppliers, but…
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JPMorgan Chase to add 50 branches and 300 employees to Philadelphia region banking scene
If it seems like there’s a bank on every corner, or at the very least in every square mile in the Philadelphia region, it’s because that’s a fairly accurate assessment. Now, JPMorgan Chase is going to make sure that statement is right on the money. In a move that is sure to shake up an…
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Tech Talk: Information technology transforms banking
Money, in the form of credit, account balances, and even cryptocurrency, is really nothing more than stored bits information, and so perhaps it’s no surprise that information technology has changed the banking sector more than any other. Technology has opened up new markets, new products, and new services and provided more efficient delivery channels, writes …
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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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