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Customers Bank says BankMobile’s merge with Megalith Financial ‘on track’ for close of 2020
Customers Bank says it’s on track to divest from its mobile banking platform, BankMobile Technologies, by the close of 2020, as BankMobile merges with blank check firm Megalith Financial Acquisition Corp. Through partnerships with large companies with established brand equity and loyal customer bases, Megalith is looking to BankMobile’s technology[...]
Loan requests for multi-family and industrial are strong in the Lehigh Valley
It’s simply too early to tell what the long-term impacts of the COVID-19 pandemic will be on construction projects in the Lehigh Valley, but banking executives from at least two major lenders in the region are reporting that, as far as construction loans are concerned, some things haven’t changed. Based[...]
Ben Franklin Venture Idol to go virtual for Entrepreneur’s Day
Ben Franklin Technology Partners of Northeast Pennsylvania has announced that this year’s Venture Idol competition will go on, but like most events, this year’s competition will be virtual. Venture Idol will be held Nov. 17, the day before a similar event, StartUp Lehigh Valley’s previously announced competition Nov. 18.[...]
Fulton Bank to close 4 Lehigh Valley, Berks County locations by January 2021
The Board of Directors of Fulton Bank approved plans to consolidate 21 financial centers, four of which are located in Lehigh Valley and Berks County, into nearby locations by Jan. 8. Among those slated to close are two locations in Lehigh Valley and two in Berks County: Bethlehem Township Financial[...]
Gov. Tom Wolf: 5,373 more small businesses to receive COVID-19 relief funds
Gov. Wolf said Monday 5,373 additional small businesses are set to receive $96 million in state grants to weather the economic conditions of the COVID-19 pandemic through the second round of the commonwealth’s statewide COVID-19 grant program, announced in July. A joint effort by the Wolf administration and the[...]
Fulton Financial pays $1.5M to SEC over allegations of false performance disclosure
Lancaster-based financial services company Fulton Financial Services has agreed to pay a $1.5 million penalty to the Securities and Exchange Commission after regulators alleged it inaccurately reported financial performance from late 2016 through mid-2017. Fulton’s public filings inaccurately described the process that the financial services company used to value its[...]
PA Biz Conversations with Patti Husic
Patti Husic is president and CEO of Centric Financial Corp. She talks to PA Biz Conversations about the business focus on diversity and inclusion and how aggressively the bank is helping businesses with loans and assistance during COVID. Watch the interview below:
Bankruptcy filings are down over last year, but a wave is expected if the lockdown continues
Businesses and individuals considering bankruptcy during the pandemic might be holding off for now while the crisis unfolds, but experts expect bankruptcies to rise as companies continue to struggle. “Many industries are under extreme stress, especially those dealing with hospitality, retail, various types of service businesses, manufacturing, commercial real estate,[...]
Mid Penn Bank to close Malvern, Pillow, Vanderbilt locations
Mid Penn Bancorp, the parent company of Mid Penn Bank, announced it will close three branches in the bank’s retail network by the end of the year as part of a consolidation strategy. The Millersburg-based bank will consolidate locations in Malvern, Chester County, Pillow, Dauphin County and Vanderbilt, Fayette County,[...]
Suspected fraud delays Pa.’s Pandemic Unemployment Assistance
The Pennsylvania Department of Labor and Industry said there is going to be a delay in payments for new applicants to the Pandemic Unemployment Assistance program after it detected potential fraud. The delay, which does not affect those already receiving PUA payments, will allow the department to develop stronger identity[...]
Owners are taking a strategic look into business succession during COVID-19 pandemic
Knowing the right time to pass down a business is as unique as the whorls on a fingerprint. In the coronavirus era the path to small business succession and exit planning is lined with planning, purpose, flexibility and careful choices. “There is no once size fits all right now,” said[...]
A Conversation With: Michael Fisher, president and CEO of Client 1st Financial
Client 1st Financial was established in 2011, has over 637 clients and manages $177M in assets. Client 1st is located in Fogelsville and serves clients in 23 states. Michael J. Fischer, president and CEO is a lifelong resident of the Lehigh Valley who has been in the financial services field for[...]
