Banking & Finance
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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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Malvern Bank, National Association surprises local educators for Teacher Appreciation Week
Representatives from Malvern Bank, National Association’s Paoli office surprised staff at area independent schools with delicious donuts for Teacher Appreciation Week. Vice President John M. Lyons brought sugary smiles to various schools on the Main Line, including the Timothy School of Berwyn, on Friday, May 11. Under the leadership of President and CEO Anthony C.…
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Bryn Mawr Trust buys Old City insurance brokerage Domenick & Associates
Bryn Mawr Trust Co., the banking subsidiary of Bryn Mawr Bank Corp., has acquired its fourth insurance brokerage since 2014, continuing its strategy to grow its fee businesses to serve as a buffer against the ebbs and flows of deposit and loan gathering. Domenick & Associates, an insurance agency established in 1993 and headquartered in…
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New auto lending product offered by PNC Bank
Described as a “seamless end-to-end digital car buying experience,” PNC Bank’s newest lending tool is designed to help car buyers navigate the world of car lots. Called PNC Total Auto Powered by TrueCar (NASDAQ: TRUE), a California-based digital automotive marketplace, the bank said buyers can use computers, tablets or mobile devices to shop for cars from dealers…
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BB&T expands educational opportunities for Montco students
BB&T may be headquartered in North Carolina, but its philanthropy knows no bounds. The bank, which has 17 branches in Montgomery County, has a strong commitment to assist students working hard in the classroom to achieve their goals. And the evidence can be found in the more than $300,000 it donated in 2017 to a…
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Lower Pottsgrove police launch new website
Lower Pottsgrove police are attempting to take an extra bite out of crime with its new website, which is part of the Pennsylvania Crime Watch Network. A new Lower Pottsgrove police website intends to give the public more direct access to community crime- and public safety-related information, and more easily allow local residents to leave tips about…
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National Spotlight: ‘Number of the Beast’ drop in market not a true correction
For those who have been riding high for the past couple of years on a market that is handing out double-digit gains to investors and 401k holders alike, Friday’s drop that resembled the number of the Beast was a mere 2.6 percent of the market, not nearly large enough to be considered a correction. [uam_ad…
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Malvern Federal reports quarterly results, is ‘Well-positioned to advance in 2018’
Malvern Federal has reported operating results for the first fiscal quarter ended Dec. 31, 2017. Net income amounted to $403,000 or $0.06 per fully diluted common share, for the quarter ended Dec. 31, 2017, a decrease of $570,000, or 58.6 percent, as compared with net income of $973,000, or $0.15 per fully diluted common share,…
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