September 14, 2003 |
Daniel M. Tabas, 80, the chairman of Royal Bank who appeared on billboards in a cowboy hat as the "Loan Ranger," died Friday at Thomas Jefferson University Hospital. Mr. Tabas, an imposing man with a strong, steady voice, was the image of his Russian immigrant father, Samuel - sturdy, tenacious and driven, with a work ethic as formidable as the structural steel with which he erected buildings. His rags-to-riches story began in Atlantic City, where he lived with his parents and a brother, Charles, until his mother's death in 1936.
June 4, 1991 |
The entrepreneur had what Royal Bank thought was an unique idea - one the bank thought might someday pay off big in the form of a public offering or buyout. So when the Narberth bank began lending the company money, Royal insisted on a kicker: If the company struck pay dirt and wanted to terminate the lending relationship, Royal would be entitled to a reward for its early support. Yesterday, Royal announced that it had cashed in on the deal. The bank will receive a one-time loan-termination fee of $10.8 million.
June 21, 1988 |
In banking, most of the Philadelphia area's big fish have been swallowed in recent years by mergers with banks from Pittsburgh, Reading and even Newark, N.J. But while the big banks have been getting bigger - including CoreStates Financial Corp., the largest banking company still based in the city - smaller banks and savings institutions have found there is still plenty of room to maneuver. And quite profitably, thank you. Atop a profitability ranking of publicly held bank and thrift companies based in the eight-county area are seven relatively small institutions, none of which had more than $530 million in assets at year-end 1987.
June 21, 2011 |
PNC Financial Services Group , the biggest bank in Pennsylvania, plans to cement its position as the fifth-largest U.S. bank by purchasing Royal Bank of Canada's 424 RBC bank branches from Virginia to Alabama. PNC picks up RBC's $25 billion in loans and investments for a relatively modest premium of $3.45 billion, over the next two years. PNC plans to cut $230 million in yearly operating expenses, laying off thousands. "The branches are primarily located in semi-rural and suburban locations, which fits well with PNC's current strategy of being a big player in small towns," FBR Capital Markets analyst Paul Miller Jr. , a former Federal Reserve Bank of Philadelphia examiner, told clients in a report.
November 3, 2013 |
The Royal Bank of Scotland (RBS), which was bailed out and is still owned mostly by British taxpayers, said Friday it would "accelerate" the sale of its U.S. banking subsidiary, which includes Citizens Bank of Pennsylvania. Citizens has 159 branches in Philadelphia and its four suburban Pennsylvania counties, more than any other bank in the region. RBS said in a statement that it was planning a "partial initial public offering" of Citizens Financial Group for 2014 and "intends to fully divest the business by the end of 2016.
January 20, 1995 |
Royal Bank of Pennsylvania plans to buy Knoblauch State Bank, ending 2 1/2 years of state control over the small bank in Reading and Philadelphia. Royal officials said they agreed to pay $8.5 million for Knoblauch, which includes the former Marian Bank, in the Northern Liberties section of Philadelphia. The agreement could finish a long and noisy battle that began in April 1992, after Pennsylvania regulators seized the last two non-federally insured banks in the commonwealth.
September 20, 1994 |
One of the longest-running family feuds in Philadelphia banking may be nearing a climax. Narberth-based Royal Bank of Pennsylvania said last week that it had bought just over 8 percent of Old York Road Bancorp Inc., the Willow Grove-based bank holding company whose controlling family has been fighting for years over the 42-year-old institution's management and direction. The purchase could indicate that a friendly merger is in the offing for the two banks, which have long-standing ties.
May 26, 1990 |
Perch Hankin, a founding member of the Hankin Family Partnership whose landholdings and legal squabbles were legion, died Thursday at the Hospital of the University of Pennsylvania. He was 72 and resided in North Wales. The children of Russian immigrants, Mr. Hankin, his brothers Moe, Max and Samuel, and his sister, Pauline, shook hands all around, pooled their money and began acquiring suburban property around 1940. They started with a farm in Horsham Township. A few decades later, the holdings of what came to be known as the Hankin Family Partnership included several George Washington motor lodges, several Howard Johnson hotels, the old Willow Grove Amusement Park, the Valley Forge Golf Course and Hidden Springs Golf Club.
July 31, 2013 |
Philadelphia has joined the ranks of municipalities suing some of the world's biggest banks for losses caused by the alleged manipulation of a benchmark interest rate during and after the financial crisis. The lawsuit, filed Friday in federal court in Philadelphia, does not specify damages, but it disclosed that the city paid $109.6 million in recent years to end financial contracts with the banks that were designed to cut borrowing costs but backfired when interest rates fell instead of rising as expected.
September 8, 1986 |
The Narberth Post Office is about to receive an eviction notice, appropriately enough, in the mail. "They're going to get a letter telling them they're in default of the lease, and to get out," Peter Stevens, a sales representative for the Coldwell Banker real estate firm, said Friday. On Aug. 31, the Postal Service's lease on the building, at 144 N. Narberth Ave., expired. The post office has been searching for months to find a building with 8,000 square feet. The present building has half that amount of space.