Banking & Finance
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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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Bryn Mawr Bank takes a loss after tax reform laws
After President Donald Trump’s corporate tax rate was lowered from 35 percent to 21 percent as part of the Tax Cuts and Jobs Act, Bryn Mawr Bank Corp. became one of the view banks in Montgomery County region to take a fourth quarter loss. Like most banks, Bryn Mawr (NYSE: BMTC) incurred fourth quarter 2017…
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Hatfield-based K’NEX put up for sale by PNC
The manufacturer of the iconic Lincoln Logs and Tinkertoy is up for bid, according to an announcement from PNC Financial Services Group. The public sale of Hatboro-based K’Nex Industries will be Monday, according to the announcement, with the opening bid set at $21 million, writes Patty Tascarella in the Philadelphia Business Journal. [uam_ad id=”54865″] The…
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Could retail branch of JPMorgan Chase be headed for Philadelphia?
There’s nothing official and nothing written in stone, but there were strong hints that JPMorgan Chase is looking at the City of Brotherly Love as a location for a retail branch. The largest U.S. bank announced that it plans to spend $20 billion over the next five years to raise employee wages, increase its small…
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Montco Leaders: Lynne Williams, Philadelphia Area Great Careers Group
By Katie Kohler “Something magical happens when you hit 500,” Lynne Williams says when she hears a LinkedIn is approaching the milestone mark. Williams, right, understands the power of the business and employment social networking service. For close to twenty-five years, she has written cover letters, resumes, value proposition letters and LinkedIn profiles as Chief Wow Office of Around the…
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Malvern Federal to Host Week-Long Meet & Mingle
Sponsored post Malvern Federal’s financial centers will host a week-long Meet & Mingle – from Monday, Jan. 22 to Saturday, Jan. 27 – with refreshments provided to introduce the managers of each location. In a dynamic industry like financial services, staff turnover is not uncommon. However, Malvern Federal knows that means it has to work…
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Montco acquisition leads Herbein & Co. to largest regional firm status
Reading-based accounting firm Herbein & Co. has pushed farther into the Philadelphia market by acquiring Gable Peritz Mishkin (GPM), a firm with locations in Spring House, Pa. and Marlton, N.J. The deal adds five partners, 24 total employees and about $5 million in annual revenue to Herbein & Co, which had 20 partners, 175 employees…
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WSFS Bank bucking tax-reform trend
Banks are still figuring out how to use the financial windfall coming from the passage of tax reform bill signed into law last month. Most have included enhanced compensation packages for employees, either through one-time bonuses or salary increases. One notable exception is WSFS Financial Corp. (NASDAQ:WSFS), which took several actions including: writing down a deferred tax…
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Bryn Mawr Bank launches multicultural initiative
Bryn Mawr Bank Corporation, parent of The Bryn Mawr Trust Company, recently announced the appointment of Miguel Alban as Vice President of their multicultural banking initiative. Effective January 2, 2018, Mr. Alban will report directly to Anthony Poluch, the bank’s CRA Officer, under the leadership of Joe Keefer, Executive Vice President. “The Delaware Valley is a diverse…
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Prosecutors seeking $491M from Main Line lender
How much should a racketeering conviction cost a man who for years flouted state laws and preyed upon cash-strapped Americans to build one of the nation’s largest illegal payday-lending empires? More than $491 million, if the government has its way. That’s the sum federal prosecutors in Philadelphia hope to recoup next month from Charles M. Hallinan, the so-called…
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Blue Bell financial planner describes retirement as ‘lifestyle change’
My college roommate, Molly, recently invited me to a mini reunion to mark the 50th anniversary of our high school graduation. Inevitably, the conversation turned to retirement: who was thinking about it, who had done it, how it was working out, writes Janet Bodner for nasdaq.com. One classmate, Marie, had retired as a school psychologist.…
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National Spotlight: Bitcoin continues downward spiral
Bitcoin plunged by more than $2,500 Friday to extend its four-day slide to 31 percent as the frenzy surrounding digital currencies faced one of its biggest tests yet. The world’s largest cryptocurrency sank below $13,000 as this week’s selloff entered a fourth day with increasing momentum. Other cryptocurrencies also tumbled, with bitcoin cash crashing 35…
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Bryn Mawr Bank completes $138.5M purchase of Narberth-based Royal Bank
Bryn Mawr Bank Corp. closed its acquisition of Royal Bancshares of Pa. Friday and named Royal CEO Kevin Tylus to the newly created position of president of bank subsidiary Bryn Mawr Trust Co. The all-stock transaction was originally priced at just below $128 million when announced in January. But upon closing, it was valued at $138.5…
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Nearly everything you need to know about Bitcoin
Bitcoin, the privatized digital currency, regained much of its value after plunging 20 percent, climbing back to nearly $10,500 by mid-afternoon a couple of weeks ago, and topping $11,000 again last week. The cryptocurrency’s rocketing ride shows no sign of slowing. And opinions about the Bitcoin phenomenon vary as wildly as its price, writes Sam Wood…
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Pennsylvania’s stable credit rating might not last
A rating agency has deemed Pennsylvania’s credit stable. That’s an improvement from several months ago, when the commonwealth received a downgrade from a different agency in the midst of an extended budget impasse, writes Katie Meyer for Philadelphia Business Journal. [uam_ad id=”54865″] But it doesn’t mean the fiscal woes are over. Even though Fitch Ratings has taken Pennsylvania…
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Bryn Mawr Trust to acquire Royal Bank
Bryn Mawr Bank Corp. has received final regulatory approval to acquire neighboring Royal Bancshares of Pennsylvania, CEO Frank Leto said, setting up the soon-to-be combined company to make changes to its physical footprint along the Main Line and its staff. The Federal Reserve signed off on the transaction, priced at almost $128 million when announced in January, on Thursday…
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