Since it was founded in 2019, Zimmermann Investment Management & Planning in New Cumberland has grown to more than $700 million in assets under management. But
Is it fraud or a failing business? That was one of the questions hanging over a court hearing held yesterday morning to consider contempt charges against Paramount Management Group, a Lancaster-based ATM network being sued by its investors. The investors want Paramount held in contempt for its alleged failure to abide by a court order issued earlier […]
Earlier this year, leaders at Lancaster-based Finanta Credit Union put together a five-year growth plan. Thanks to a $15 million gift from a familiar benefactor, the plan is likely to move much faster. Finanta was one of 199 organizations nationwide to receive donations this year from MacKenzie Scott, the ex-wife of Amazon CEO Jeff Bezos and a growing philanthropic […]
Claims against a Lancaster-based ATM network took on new forms during a roughly one-hour hearing held Friday afternoon in a Lancaster County courtroom. An attorney representing disgruntled investors in the network raised concerns about money flows involving the network’s operator, Paramount Management Group, and questioned whether the operator had inflated the number of ATMs it owned. […]
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 likely to contribute to a retirement savings account if they work at a business in a state that has an auto IRA program, according to the study, undertaken by […]
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 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, […]
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 […]
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 […]
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 […]