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
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 […]
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 […]
State authorities on Friday disclosed what they say was a widespread bank-fraud operation in Central Pennsylvania that drained nearly $2 million from the accounts of victims.Two men have been arrested in connection with the fraud but a criminal complaint lists nine other people. More charges are expected, according to the Pennsylvania attorney general’s office, which […]
A Harrisburg-area financial advisory has joined the wave of consolidation washing over the industry.Comprehensive Financial Associates, based in Susquehanna Township, has been acquired by insurance and benefits brokerage AssuredPartners, according to a press release from Wise Rhino Group, the M&A firm that advised Comprehensive Financial. Terms of the transaction were not disclosed. But it also includes an […]
Amid a wave of consolidation in the financial planning sector, Lancaster-based Domani Wealth has been purchased by a larger firm based in Illinois.The acquisition is the fourth this year for the firm, Savant Wealth Management, which is based in Rockford, west of Chicago. Terms of the deal were not disclosed but Domani will keep its existing leadership, advisers […]
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