April 26, 2016 |
Where have all the bankers gone? The continental lenders, with their corner branches - Wells Fargo and PNC , Citizens , TD and Bank of America - still compete with JPMorgan Chase , Capital One , and other branchless brands for Philadelphia's corporate and mass consumer clients. But the local banks that focused on local businesses and their owners have consolidated, to cut costs and squeeze profits from low interest rates and weak loan demand in this slow-growing region. BB&T , from North Carolina, has taken over National Penn and Susquehanna . Souderton- based Univest is absorbing Fox Chase Bank . Philadelphia's East River Bank agreed last month to sell to Downingtown's DNB . Beneficial Bank , last of the multibillion-dollar banks once based in Philadelphia, made $93 million in new loans, mostly to businesses, in the year's first three months - but spent $82 million buying back its own stock to prop up share prices, betting that would be a better investment than more loans.
April 26, 2016 |
The Federal Reserve Bank of Philadelphia has appointed Phoebe A. Haddon, chancellor of Rutgers University-Camden, as a Class C director of its board. for a three-year term. Haddon became chancellor of Rutgers University–Camden in 2014. Previously, she had been dean of the University of Maryland Francis King Carey School of Law. Before that, she had been a faculty member at Temple University's Beasley School of Law for nearly 30-years. She is a member of the American Bar Association's Commission on the Future of Legal Services, the CEO Council for Growth, the board of the Chamber of Commerce Southern New Jersey, and the board of trustees for the Cooper University Health System.
April 24, 2016 |
Beneficial Bancorp, the largest bank still based in Philadelphia, told investors Friday that it would cut its payroll costs by about 11 percent this spring by laying off 44 of its higher-paid workers. "It is painful. It is the worst," chief executive Gerry Cuddy said in an interview. Beneficial has not reduced head count in several years, he said, "unlike the big banks that do this each quarter. " Beneficial, with nearly $5 billion in loans and other assets and 55 branches, remained profitable and boosted loans 3 percent in the last three months, it told investors in its quarterly report Friday.
April 22, 2016 |
The former owner of a Bucks County financial consulting firm admitted his role Wednesday in a transatlantic bribery scheme aimed at securing funding for foreign energy projects from a European economic development bank. Dmitrij Harder, 43, of Huntingdon Valley, a dual German and Russian citizen, told a federal judge in Philadelphia that he attempted to conceal $3.5 million in payments he made to an official at the European Bank for Reconstruction and Development between 2007 and 2009 by funneling the payoffs through accounts held by the banker's sister.
April 15, 2016 |
Bank of America is doubling its investment in the Tory Burch Foundation Capital Program that includes Philadelphia, providing a total of $20 million in loans for women entrepreneurs for 2016 and 2017. Entrepreneur Works is the community development financial institution administering the funds in Philadelphia. Through that partnership, it will be able to offer a 2 percent interest-rate reduction on loans for qualifying borrowers, according to a statement by Bank of America. Since the Tory Burch program's inception in 2014, Entrepreneur Works has issued $173,000 in loans to 16 women owning small businesses in Philadelphia.
April 13, 2016
Doug Banks Phila.-born radio host, 57 Doug Banks, 57, a Philadelphia native and nationally syndicated radio host, died Monday of complications from diabetes. Mr. Banks cohosted the news feature show 190 North for 10 years on WLS-TV, an ABC affiliate in Chicago. He was raised in Michigan and began his career at his Detroit high school radio station, when he was noticed and given a late-night weekend show by WDRQ-FM. Mr. Banks later worked at radio stations in Los Angeles, San Francisco, and Las Vegas.
April 11, 2016 |
Since kings and councils first squeezed successful citizens to pay armies and administrators, the rich have hidden fortunes from tax collectors. A global industry of specialty lawyers, bankers, and agreeable local officials has spread through poor and island nations, British colonies, fee-hungry U.S. states, and other business-friendly outposts. They sell secrecy so corporations, criminals, and public officials can avoid much larger tax payments, sometimes legally. The Panama Papers , millions of stolen digital documents leaked to a German newspaper, Süddeutsche Zeitung , and shared through the donor-funded International Consortium of Investigative Journalists , have lifted a bank-secrecy veil to show how a large Panama-based law firm, Mossack Fonseca & Co. , helped leaders of Russia, Pakistan, and other countries, plus gun-runners, drug dealers, soccer bureaucrats, and private citizens, hide money from taxes and disclosures.
March 31, 2016
FBI seeks help catching robber The FBI/Philadelphia Police Joint Violent Crimes Task Force is seeking help in identifying a man suspected of robbing at least three Center City banks in the last year. The stickups happened July 27 at the Beneficial Bank, 1600 Chestnut St.; Oct. 7 at the Republic Bank, 1601 Walnut St.; and March 18 at the Firstrust Bank, 1515 Market St. Officials said that in each robbery the bandit wore a baseball cap and sunglasses, passed a demand note to a teller, and fled on foot after getting the money.
March 31, 2016 |
When times were good for onetime Villanova University basketball standout turned bank chairman and successful Main Line money manager Barry R. Bekkedam, his tastes tended toward Ferraris, Aston Martins, and travel by private jet. But that was before the 2008 financial collapse; before he lost millions in investor cash to a $1.2 billion Ponzi scheme; and before the financial institution he cofounded, Berwyn-based Nova Bank, collapsed into a hole,...
March 20, 2016 |
This is what I will describe as a who-does-what and what-to-do column. Among the roughly 1,350 homeowners surveyed nationally in late December and early January for TD Bank's first Home Equity Sentiment Index, 56 percent of the respondents said they believed that their home's value had increased, and 60 percent said they would tap that rising equity to finance renovations. Fifty-three percent of millennials said they also were considering such a move. Renovations at the top of most consumers' lists include kitchens (42 percent)