During the 34 years he’s been a board member at F&M Trust, G. Warren Elliott has seen “too many” community banks disappear in mergers and
A York tax preparer is facing charges for allegedly falsifying applications from businesses seeking loans under an emergency federal program designed to help businesses meet payroll after the Covid-19 pandemic tanked the economy in early 2020. The U.S. Attorney’s office in Harrisburg has indicated tax preparer Dommonick T. Chatman on 20 counts of bank fraud and […]
Finanta, a nonprofit based in Lancaster, is expecting millions of dollars from the federal government this year to further its mission, which includes lending to businesses in poor communities.But the federal fund that provides those dollars is among several programs targeted for cuts or possible elimination under an executive order issued late Friday by President Donald […]
State police broke up a bank-fraud ring that drained more than $3 million from accounts of customers at Members 1st Federal Credit Union, according to a criminal complaint filed in a Cumberland County magisterial district. The credit union, based in Hampden Township, Cumberland County, reimbursed the losses suffered by its members.News of the bust came last […]
Wells Fargo is closing its branch in the heart of Red Lion. The San Francisco-based bank plans to close the branch at 1 N. Main St. at 11 a.m. on May 7, according to a bank spokesperson. Once it closes, customers can use a Wells Fargo branch at 2099 S. Queen St. in York Township.Like other […]
After an early retirement scuttled its CEO succession plans last year, Orrstown Financial Services is back on track.The regional bank named a longtime executive, Adam Metz, as the successor to president and CEO Tom Quinn, who is slated to retire next year.Metz, Orrstown’s chief revenue officer since 2019, has been promoted to senior executive vice president and […]
In a budget proposal for the fiscal year that starts July 1, Gov. Josh Shapiro is proposing to eliminate the bank shares tax and subject banks to the corporate net income tax.First introduced in the 19th century, the tax is based on how much capital banks hold. The he corporate net income tax, or CNI, […]
During a court hearing yesterday, Lancaster-based Blackford ATM Ventures consented to a petition forcing it into Chapter 7 bankruptcy liquidation.The next step is to appoint a bankruptcy trustee to oversee distribution of the company’s assets.The process is not likely to be straightforward, acknowledged an attorney for Silverview Credit Partners, the Florida-based lender that sought to force Blackford into bankruptcy.“It’s […]
A Lancaster-based ATM operator has struck a tentative deal with a creditor that wanted to force it into bankruptcy.Under the deal, Blackford ATM Ventures is getting time to file voluntarily for Chapter 11 bankruptcy, allowing it to reorganize, according to an attorney for the creditor, Silverview Credit Partners.The Tampa-based private lender had sought to impose a Chapter 7 liquidation […]
A Tampa-based private lender is asking a bankruptcy judge to force Lancaster-based Blackford ATM Ventures into Chapter 7 bankruptcy and appoint a trustee to oversee the company.Silverview Credit Partners is arguing that a petition for what is called involuntary bankruptcy is the best way to preserve assets for creditors. Silverview floated two loans to Blackford […]
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