The shutdown of the federal government is stalling a critical pipeline for loans to small businesses. Like the rest of the government, the U.S. Small
A Lancaster-based developer has tapped an investment banking firm in a bid to drum up capital and expand its portfolio of projects. Developer Elevare Corp., formerly known as OZFund Inc., hopes to raise $50 million from investors and eventually become a public company, according to its founder and CEO, Jeremy Feakins. The company’s investment banker is San […]
Mid Penn Bancorp continued to expand its South Jersey footprint with the acquisition of community bank 1st Colonial Bancorp, Inc. in a combined stock and cash deal valued at $101 million. Twenty-four hours later, Mid Penn agreed to acquire Sarasota, Florida-based Cumberland Advisors in a deal that is expected to bring approximately $3.3 billion new […]
Over the last two-plus years, Michael Wilson has been putting his stamp on Members 1st Federal Credit Union, one of the largest credit unions in Pennsylvania. As chief executive, he is spearheading the credit union’s adoption of new technologies, including artificial intelligence and stablecoin – a form of digital currency that companies will be allowed […]
A local lawsuit related to a data breach at insurance and employee benefits brokerage Alera Group has prompted a local lawsuit. The lawsuit is not targeting Illinois-based Alera, however. It was filed last month against Members 1st Federal Credit Union, based in Hampden Township, Cumberland County. Filed in Cumberland County by a Members 1st employee, the lawsuit […]
After years of steady growth in Lancaster, Lebanon and Berks counties, the parent of Ephrata National Bank is crossing state lines. ENB Financial Corp. said yesterday it agreed to buy Cecil Bancorp, a small bank in northeastern Maryland. The cash deal, valued at $30.8 million, is the first bank acquisition in ENB’s history, which stretches back to 1881. […]
A family trust affiliated with George E. Norcross III, a New Jersey business leader and political power broker, has been steadily boosting its stake in Harrisburg-based Mid Penn Bancorp as the bank expands in Philadelphia and New Jersey. Indiana Pacific General Trust, whose beneficiaries are Norcross’s son and daughter, disclosed last year that it held a 6.2% stake […]
A titan of Pennsylvania banking is passing the baton. Jay Sidhu said Friday he plans to retire on Jan. 1 as chairman and CEO of Customers Bancorp, a Berks County lender that he transformed over a period of nearly two decades. The 73-year-old executive plans to remain the bank’s executive chairman. But he is handing the […]
The insurance division of Harrisburg-based Mid Penn Bancorp has acquired Charis Insurance Group, an insurance agency based in Lititz. Terms of the transaction were not disclosed. Founded in 2017, Charis is led by president Matthew Snavely. He has been named a managing director of Mid Penn’s insurance unit, MPB Risk Services LLC. “Charis Insurance Group has built […]
A northeastern Pennsylvania bank is swooping into Central Pennsylvania. Norwood Financial Corp., the Honesdale-based parent of Wayne Bank, has agreed to pay roughly $54.9 million for Coatesville-based PB Bankshares, the parent of Presence Bank, a lender active in this region. The cash-and-stock deal, which requires regulatory approval, is expected to close in late 2025 or early 2026. Wayne […]