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BUSINESS
May 11, 2013 | By Martin Crutsinger, Associated Press
WASHINGTON - The Federal Reserve has broadened its oversight beyond banks and now monitors a wide range of financial institutions that could hasten another financial crisis, Chairman Ben Bernanke said Friday. Bernanke said the Fed was still monitoring banks and other important financial institutions. But it has widened its scope to include other participants that could either trigger a crisis or make the system more vulnerable. Chief among them is the so-called shadow banking system, which includes loans that are turned into securities and sold to investors.
NEWS
March 16, 2012
LOS ANGELES - Foreclosure activity surged last month across about half of the nation's states, as banks tackled a backlog of homes with mortgages that had gone unpaid yet remained in limbo due to delays stemming from foreclosure-abuse claims. The increase occurred across 26 states where the courts supervise the foreclosure process. In contrast, the 24 states where the courts do not play a role in the process saw activity decline in February, foreclosure listing firm RealtyTrac Inc. said yesterday.
NEWS
August 4, 1994 | By Richard V. Sabatini, INQUIRER STAFF WRITER
Homer Hoover was just 20 years old when he began his career in banking as a savings teller at the First National Bank of Lebanon. Now, 55 years later, he has retired as board chairman of First National Bank & Trust Co. of Newtown, a firm he had previously served as president and chief executive officer. Associates said Hoover left an indelible mark on the area banking community as he oversaw the expansion of First National from a single location when he joined its ranks as executive vice president in 1961.
NEWS
January 8, 2015 | By Chris Palmer, Inquirer Staff Writer
The former owner of a Bucks County financial consulting firm was charged Tuesday with paying about $3.5 million in bribes to a foreign banking official to receive favorable treatment for his clients, according to federal authorities. The U.S. Attorney's Office said Dmitrij Harder, 42, of Huntingdon Valley, attempted to conceal the payments to a Russian citizen he knew at the European Bank for Reconstruction and Development by making five deposits into a bank account of the official's sister between 2007 and 2009.
BUSINESS
April 4, 2013
The president and chief executive of TD Bank Group, which competes with Wells Fargo for the top spot in Philadelphia-area deposit rankings, has announced his retirement effective Nov. 1. Succeeding Ed Clark, who has led TD for 12 years and spearheaded aggressive U.S. growth, will be Bharat Masrani, who is based in Cherry Hill and currently heads TD's U.S. operations, the Toronto company said. Mike Pederson, who currently heads TD's wealth management and other operations, will take over U.S. banking operations Nov. 1 and will relocate to Cherry Hill, the bank said.
BUSINESS
July 6, 2000 | By Joseph N. DiStefano, INQUIRER STAFF WRITER
Millionaire Main Line banker Bipin C. Shah is back in the electronic payments business, four years after he and his investors sold his credit card processing firm, Gensar, for a $160 million profit. Yesterday, Shah said he had joined venture-capital firm GTCR Golder Rauner L.L.C. of Chicago in a $180 million buyout of the automatic-teller units of Affiliated Computer Services Inc. of Dallas. The new company, operating from an office in Fort Washington, will service 16,000 automatic tellers in 49 states, processing more than 200 million transactions a year, and maintaining money machines at retail stores, casinos and banks, according to spokesman Edward N. Eisen.
BUSINESS
March 30, 1987 | By Janet L. Fix, Inquirer Staff Writer
In opening its Philadelphia corporate-finance office, Legg Mason Wood Walker Inc. caused a flurry of departures from the highly respected corporate- finance department of Mellon Bank (East). Graham Humes, 54, formerly head of corporate finance for Mellon and a 13- year veteran of Girard and Mellon Banks, is spearheading the Baltimore- based Legg Mason's efforts to establish an investment-banking beachhead in Pennsylvania. Humes started Girard's investment-banking division and has been involved in more than 100 mergers and acquisitions.
NEWS
December 19, 2000 | By Monica Rhor, INQUIRER STAFF WRITER
Back in her native Ukraine, Irina Mitsik learned to mistrust banks. After all, they could be open one day, then gone - along with all her savings - the next. In the Ghanaian refugee camp where he spent seven years, Donald Todey never thought about saving for the future. After all, in a place where food was scarce and hardships plentiful, no one worried about tomorrow. These days, however, both are carving out new lives in Philadelphia, in a country where savings accounts, credit histories and checkbooks are not just a fact of life, but also a factor in determining who sinks and who swims.
BUSINESS
December 8, 1988 | By Janet L. Fix, Inquirer Staff Writer
Hopper Soliday Corp. yesterday said it had agreed to buy W. H. Newbold's Son & Co. from Provident Mutual Life Insurance Co. The deal would make Newbold's, one of Philadelphia's smaller, specialized investment banking firms, a cross-town sister of Hopper Soliday & Co., a 115- year-old brokerage firm that was acquired in July by a local investment company then known as Decision/Capital. The purchase price was not disclosed, but Hopper Soliday said the price was roughly equal to Newbold's book value minus the value of its asset-management business, which Provident Mutual is keeping.
NEWS
March 1, 1986 | By Jane M. Von Bergen, Inquirer Staff Writer
A Philadelphia lawyer and a former vice president at First Peoples Bank in New Jersey pleaded guilty in federal court yesterday to conspiring to misapply more than a half-million dollars of the bank's money through phony loans. Lawyer Howard E. Davidson, 44, and Charles Baker, 40, both of Center City, told U.S. District Judge Stanley F. Brotman in Camden that they lost some of the money on the stock market and used some of it to buy drugs. Davidson said he had been in the hospital last summer in an effort to kick a narcotics habit.
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BUSINESS
April 26, 2016 | By Joseph N. DiStefano, Staff Writer
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.
BUSINESS
April 26, 2016 | Mike Zebe, Staff
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.
BUSINESS
April 24, 2016 | By Joseph N. DiStefano, Staff Writer
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.
NEWS
April 22, 2016 | By Jeremy Roebuck, Staff Writer
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.
BUSINESS
April 15, 2016 | By Diane Mastrull, Inquirer Staff Writer
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.
NEWS
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.
BUSINESS
April 11, 2016 | By Joseph N. DiStefano, Staff Writer
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.
NEWS
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.
NEWS
March 31, 2016 | By Jeremy Roebuck, Staff Writer
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,...
REAL_ESTATE
March 20, 2016 | By Alan J. Heavens, REAL ESTATE WRITER
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)
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