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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.
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.
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
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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NEWS
February 3, 2016
The FBI and Philadelphia police were asking for the public's help to identify a man who robbed a PNC Bank branch Monday afternoon in Center City. Just after 2:15 p.m., the suspect, described as a black man in his 50s with a salt-and-pepper beard and wearing a white jeff cap, entered the bank on the 1500 block of Walnut Street and handed a teller a note demanding money, the FBI said. The suspect then fled west on Walnut with an undisclosed amount of cash. He was estimated at 5-foot-8 to 5-foot-9, with a medium build.
REAL_ESTATE
January 25, 2016 | By Alan J. Heavens, REAL ESTATE WRITER
The Left Bank - at $58 million, developer Carl Dranoff's most expensive project to date when it opened in late January 2001 - was considered a dangerous move at the time. "It was West Philadelphia ," Dranoff said of the experts' observations. "They thought I was nuts. " Of course, Dranoff's gamble - an "educated leap of faith," he called it at the time - paid off. The 282-unit luxury rental project - carved from a 700,000-square-foot, concrete-and-steel University of Pennsylvania-owned building at 32d and Walnut Streets that had last been home to General Electric's missile and spacecraft division - has been 100 percent rented almost since the day it opened.
NEWS
January 23, 2016 | By Barbara Boyer, Staff Writer
Two Burlington County bank robbers were each sentenced to nine years in prison Thursday for several holdups at South Jersey banks. Shalir Hall, 22, of Edgewater Park, and David Glenn, 24, of Burlington Township, appeared before U.S. District Judge Jerome B. Simandle in Camden. According to court documents, Hall robbed nine banks, and Glenn participated in seven of those robberies. Authorities said nearly $46,000 was stolen. The crimes began Sept. 27, 2013, when Hall entered the Beneficial Savings Bank in Willingboro.
SPORTS
January 20, 2016 | By Joe Juliano, STAFF WRITER
Penn State coach James Franklin rounded out his staff for the 2016 season, announcing Monday the hiring of former Illinois co-defensive coordinator Tim Banks as the team's co-defensive coordinator and safeties coach. Banks, who spent the last four years at Illinois and has 20 years of coaching experience, is the third new hire by Franklin since the end of the regular season. He joins offensive coordinator Joe Moorhead and offensive line coach Matt Limegrover. Franklin and Banks worked together on the Maryland coaching staff in 2003 and 2004.
REAL_ESTATE
January 18, 2016 | By Alan J. Heavens, REAL ESTATE WRITER
It has been more than 80 years since an Italian immigrant named John Pia moved his family from California to Chester County and began growing mushrooms as a sharecropper. Four generations later, the Pias - specifically, Michael Pia Jr., John's great-grandson - are planting more than mushrooms in the soil of Kennett Square at the edge of Kennett Township. Their South Mill Mushroom Sales Inc. is the third-largest in the country, producing 1.3 million pounds a week, Pia said. Kaolin Mushroom Farms, their compost supply operation, serves mushroom growers.
NEWS
January 16, 2016 | By Bonnie L. Cook and Joseph N. DiStefano, STAFF WRITERS
William S. Latoff, 67, of West Chester, a bank executive, accountant, developer, and volunteer civic leader, died Monday, Jan. 11, of complications from non-Hodgkin's lymphoma at the Hospital of the University of Pennsylvania. Mr. Latoff was the chairman and CEO of DNB Financial Corp., a holding company whose subsidiary, DNB First, National Association, is a community bank headquartered in Downingtown with 12 branches. "Bill . . . through his vision and leadership, did so much to build and strengthen our company," said DNB Financial president William J. Hieb in a statement to employees announcing Mr. Latoff's death.
SPORTS
January 13, 2016 | By Mike Jensen, Inquirer Columnist
Gene Banks, who makes any short list of great Philadelphia high school basketball players, is working on the story of his life, writing a memoir. Banks was just getting to his beloved Duke coach, Bill Foster, when he got the word last week that Foster had died Thursday in Chicago at 86. When Banks starts talking about Foster, he really has to start at the beginning, like he did over the phone on Sunday. When Foster recruited him, Banks had no idea that the coach also was a local guy, raised in Delaware County, where Foster began coaching.
BUSINESS
January 9, 2016 | By Joseph N. DiStefano, Staff Writer
A federal grand jury in Wilmington has indicted the former Wilmington Trust Corp. on criminal charges, alleging the bank illegally hid hundreds of millions of dollars in land-development loans that were so delinquent that one banker called them "credit turds. " Although a number of larger U.S. banks were forced to sell themselves at bargain-basement prices as property values collapsed in the recession, Wilmington Trust is the only bank bailed out by the Troubled Asset Relief Program to face criminal charges, according to Charles Oberly, U.S. attorney for Wilmington.
NEWS
December 11, 2015 | By Claudia Vargas, Inquirer Staff Writer
Nearly two years after its creation, the Philadelphia Land Bank is ready to do business. Mayor Nutter on Wednesday announced the transfer of 150 property deeds owned by the government nonprofit Philadelphia Housing Development Corp. to the Land Bank, a deposit that made the bank able to carry out its mission: assemble vacant properties for development. And more deposits are on the way. An additional 500 PHDC deeds are expected to be transferred by the end of the year, and on Thursday, City Council is expected to approve the transfer to the bank of 833 city-owned properties.
BUSINESS
November 30, 2015
W SFS isn't a radio station - it's the largest bank still based in the Philadelphia region. Lately, WSFS has been buying branches and spreading, from its Wilmington home, up the Brandywine, to the Main Line and nearby suburbs. On Monday, it agreed to pay $101 million in cash and stock for Wayne-based Penn Liberty Bank and its 11 branches, buying out 400 investors who pumped $44 million into Penn Liberty from 2004 to 2006. WSFS also bought Broomall- based Alliance Bancorp this year.
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