New York-based private equity firm Broad Sky Partners has snapped up Punctual Pros, a regional franchisee for three high-profile consumer-facing brands. Based in East Hempfield Township, Lancaster County,
Rising interest rates and record inflation stifled mergers and acquisitions last year, leading to an 18% drop in activity compared to 2022 for Central and southeastern Pennsylvania, according to a report this week by accounting and professional services RKL LLP. Lancaster and the capital area bucked the regional decline, which reflected the national scene. Nonetheless, M&A […]
A nonprofit investor that tracks corporate performance on environmental, social and governance issues is asking Sunbury-based Weis Markets to beef up its disclosures on climate change and supply chain risks. The Massachusetts-based nonprofit, The Accountability Board, is seeking a shareholder vote on the issue during Weis’s annual meeting this spring. The resolution calls on Weis to produce a […]
Mid Penn Bancorp is fielding a sports and entertainment division designed to cater to the financial needs of high-profile athletes and entertainers. The unit formalizes an area where Mid Penn already has been making inroads, said Jordan Space, the bank’s COO. Many celebrities have come to know and trust the Harrisburg-based bank through its annual celebrity golf […]
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 financial technology firm based in Swarthmore and an advertising tech company based in New York, albeit with roots and some operations in Philadelphia. The fintech company is LoanStar Technologies, which […]
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 cities Banks are cutting branches. But they also have been opening them in markets where they see […]
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 […]
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 […]