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
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 in […]
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 CEO role […]
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 strong […]
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 Bank, which has […]
Investors have spent nearly a year blaming Daryl Heller for the crackup of an ATM network that allegedly cost them hundreds of millions of dollars.In a court filing last month, Heller dished out some blame of his own.He alleged that people managing the ATM investments misappropriated funds that should have gone to investors, took actions […]
In a class-action lawsuit filed in late June, a Penn State Health employee alleges the health system mismanaged employee retirement plans, diminishing their returns and overpaying vendors.The suit argues that the plans included investment choices with subpar returns and that they paid too much for certain administrative vendors in breach of the health system’s fiduciary responsibility to […]
State lawmakers are proposing legislation that would cap fees for customers who overdraw their accounts at banks and credit unions.The goal is to protect lower-income consumers from the fees, according to state Rep. Benjamin Sanchez, a Montgomery County Democrat who is sponsoring the legislation.“Sometimes they fall into a cycle where they’re struggling to afford everything […]
A Scranton-area bank is seeking permission to open what would be its first branch in Lancaster County, according to a regulatory update from the Pennsylvania Department of Banking and Securities.Dunmore-based Peoples Security Bank & Trust Co. is looking to open the branch at 2343 Oregon Pike in Manheim Township, on the site of a retail plaza at […]
Just over a year ago, Drew Mousetis began pitching the idea of direct employee ownership to anyone willing to listen.Now, he and the Lancaster-based nonprofit he leads, the Tandem Center for Shared Business Success, are poised to land their first convert.“There’s a lot of buzz out there about Tandem, and people want to see a […]
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