Four months after taking the field, a statewide venture fund is taking its first shots.The so-called GO PA Fund has invested in two companies, a
After closing more than 200 branches in 2023, PNC Bank said yesterday it is aiming to spend $1 billion over the next four years to renovate 1,200 branches nationwide and open 100 new ones in some of the country’s fastest-growing citiesBanks are cutting branches. But they also have been opening them in markets where they see potential […]
Fulton Financial has named an interim CFO following the resignation last week of Mark McCollom, who had been the bank’s finance chief since 2018. A regulatory filing and press release issued Friday did not disclose the reason for McCollom’s departure. Lancaster-based Fulton has named Beth Ann Chivinski as interim CFO while it conducts a formal search process to fill the […]
A bumpy financial road is prompting local banks to tap the brakes on lending.Banks are still making loans. However, they may not be as aggressive in courting new business. Nor are companies eager to add debt, with interest rates still elevated and the economic outlook uncertain. A quarterly survey of bank loan officers by the Federal […]
Lancaster-based nonprofit lender Community First Fund has filled a pair of C-suite roles. Elizabeth Bennett has been named the lender’s CFO, while Ed Gallagher has been named chief credit officer. Bennett worked most recently as CFO for Pennsylvania College of Art & Design in Lancaster and has also held finance roles at Lancaster Theological Seminary and Ephrata-based D&E Communications. Bennett succeeds Lloyd […]
A pair of longstanding local banks are coming together in a merger valued at $207 million.Under the all-stock deal, dubbed a merger of equals, the York County-based parent of PeoplesBank is merging into Shippensburg-based Orrstown Financial. The combined bank — which will take the Orrstown name — would have assets of roughly $5.2 billion and a network of 51 branches in […]
Thanks to a single deal, Linkbancorp went this year from doing business in one state to doing business in five.That deal was the bank’s merger this fall with Maryland-based Partners Bancorp.The all-stock deal closed at the end of November, followed by a bankwide conversion to the Linkbank brand over the first weekend in December, according to Andrew Samuel, CEO of […]
State officials are directing federal funds toward venture capital firms they hope can jumpstart early-stage tech companies in Pennsylvania. The firms are Allegheny County-based BTVC Fund I LLP, which is receiving $1.5 million, and Atlanta-based Metallum Ventures LP, which is getting $2.25 million. The funding, announced yesterday, comes from the State Small Business Credit Initiative, a federal program that […]
Mid Penn Bank is firing back at claims it did not adequately protect a nonprofit from fraud.In a legal filing this month, the Harrisburg-based bank alleges that the Center for Independent Living of Central Pennsylvania harmed the bank’s reputation in a press release issued in February announcing a lawsuit against the bank. In the press release, the center claimed that […]
A federal court has approved a settlement in a data-breach lawsuit brought against Fulton Bank.Under the agreement, the Lancaster-based bank will pay $750,000 to set up a fund to compensate victims of the breach, which hit a Fulton Bank vendor rather than the bank itself. The bank is not admitting any liability for the breach, nor […]
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