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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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NEWS
May 15, 2016 | By Jacob Adelman, STAFF WRITER
Citizens Bank will lease an 11,780-square-foot office suite at 400 Lippincott Dr. in Marlton, N.J., Wolf Commercial Real Estate, which represented building-owner Somerset Properties in the deal, said in a release on Friday. The building is located in the Marlton Crossing Office Park off Route 73. jadelman@phillynews.com 215-854-2615 @jacobadelman  
NEWS
May 13, 2016
The South Jersey Jazz Society is bringing an impressive lineup of local and national jazz artists to Somers Point and Ocean City this weekend. Many of the acts playing this year's Cape Bank Jazz @ The Point Festival look back at the music's storied history, with a few torch-bearing younger artists who are carrying on the tradition. Below are a few sets not to be missed; events are at the Sandi Pointe Coastal Bistro, 908 Shore Rd., Somers Point, unless otherwise noted. Andreas Varady Quartet: Hungarian guitar prodigy Varady is only 17 but already has an impressive list of accomplishments to his name.
NEWS
May 13, 2016
A man wanted for bank robbery in Haddon Township last week surrendered to police overnight. Haddon Township police said Ryan J. McAteer, age 35, a former resident of neighboring Haddon Heights who now lives in Philadelphia, was charged with robbery and was being held at the Camden County Jail, unable to post $100,000 full cash bail. Police said McAteer walked into the Wells Fargo Bank branch last Thursday afternoon and passed a demand note to a teller. The suspect, who did not display a weapon, fled with an undisclosed amount of cash.
NEWS
May 11, 2016 | By Jessica Parks, Staff Writer
A Philadelphia man has been charged with using his job at TD Bank to open fraudulent accounts, steal customer information, and process counterfeit checks, according to a federal indictment unsealed Monday. Michael Tuffour, 27, was charged last month with one count of bank fraud and three counts of aggravated identity theft. Tuffour was a customer-service representative at the TD Bank on City Avenue. From July 2011 to April 2013, prosecutors say, he accessed customers' accounts and sold their information - including names, account numbers, birth dates, Social Security numbers, and copies of their driver's licenses.
BUSINESS
May 8, 2016 | $util.encode.html($!item.byline), STAFF REPORT
First CornerStone Bank of King of Prussia was closed Friday by the Pennsylvania Department of Banking and Securities. To protect customers, the Federal Deposit Insurance Corp., which was named receiver, has entered into an agreement with First-Citizens Bank & Trust Co., of Raleigh, N.C., to assume all deposits at First CornerStone's six branches in suburban Philadelphia, which will reopen as First-Citizens branches. Customers should continue to use their current branch and can continue to access their money by writing checks or using ATM or debit cards.
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.
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