State-backed retirement plans, which have been proliferating around the U.S., appear to boost savings among workers, according to a study released yesterday.Workers are 20% more
Tim Henry is planning to retire effective April 29 as president and CEO of Chambersburg-based Franklin Financial Services Corp., parent of F&M Trust. “It was time,” said Henry, who will turn 67 next year.The bank is in “great shape,” he added, making it a good time to step away. He is also plans to leave his role […]
Mid Penn Bancorp is deepening its reach in southeastern Pennsylvania and South Jersey with the acquisition of a Bucks County bank that has been squeezed by high interest rates.Harrisburg-based Mid Penn has agreed to pay about $127 million for Bristol-based William Penn Bancorporation. The all-stock deal is slated to close in the first half of 2025, pending shareholder […]
A new venture fund in Central Pennsylvania is closer to its fundraising goal thanks to an investment this week from a state authority.The Ben Franklin Technology Development Authority has poured $1 million into the fund, Keystone Innovation Fund II, a joint venture between York-based White Rose Ventures and State College-based 1855 Capital. The fund is on track to close by the end […]
Traditions Bank earned record profits in 2020 and 2021. But when interest rates shot up between March 2022 and July 2023, the York-based bank ran into financial headwinds that called into question its ability to remain independent without cutting staff and trimming plans for growth.The resulting discussions among bank executives and directors led to the deal announced […]
An early retirement is throwing off leadership succession plans for one of the region’s largest banks.Craig Kauffman, who was in line to take the top job at Orrstown Financial Services next year, retired as of Sept. 30, according to a Sept. 25 securities filing from the bank.Kauffman, Orrstown’s COO, decided to retire due to personal reasons and not […]
PSECU is seeking permission to relocate its branch in Strawberry Square in downtown Harrisburg to a former FNB branch at 1249 Market St. in Lemoyne, according to a filing by the Department of Banking and Securities.The Harrisburg-based credit union picked the West Shore location, in part, because it is more accessible and convenient, said Adam Stewart, the credit union’s […]
Mifflinburg Bancorp and Northumberland Bancorp, a pair of small community banks in northcentral Pennsylvania. said yesterday they are combining in a merger of equals valued at $34.2 million. The all-stock deal is expected to close in the first half of 2025.Mifflinburg Bancorp has assets of about $568.5 million and operates seven branches in Mifflinburg, Lewisburg, Millheim, Milton, Selinsgrove […]
A seven-county swath of Central Pennsylvania has a new No. 1 when it comes to bank deposits.Lancaster-based Fulton Bank has eclipsed longtime leader PNC Bank for the top share of deposits in Adams, Cumberland, Dauphin, Franklin, Lancaster, Lebanon and York counties, according to the latest data from the Federal Deposit Insurance Corp.As of June 30, Fulton had 15.44% of […]
Community First Fund has been awarded $40 million in new market tax credits, which it can use to support economic-development projects around the region. The credits are awarded annually by the U.S. Treasury on a competitive basis. Based in Lancaster, Community First was awarded $30 million in new market tax credits last year.Those credits are helping to […]
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