Malvern Federal Bancorp will alter its ownership structure from one involving a mutual holding company to a stock holding company.
It's a move typical of small banks. Malvern Federal Mutual Holding Co. now owns 55.5 percent of the outstanding shares of Malvern Federal Bancorp. Those two entities will merge, and new holding company created that will sell new shares.
Management said in a statement that the proceeds from the stock offering would "strengthen" the bank's capital levels.
CliqSearch, a Center City technology firm, raised about $1 million from several private angel investors to support the launch of its online service to help people find local businesses.
Founded by Alex Pooyan Khorram, who grew up in Newtown Square, CliqSearch uses social network data, such as Facebook Likes, Twitter Followers and Foursquare Check-Ins, shared by friends and "friends of friends" to help prospective customers make purchasing decisions.
"We're social network agnostic," Khorram said.
With U.S. stock and bond markets closed on this federal holiday, the domestic news flow from the business world is thin.
So we turn to Germany where SAP AG said it plans to acquire datango AG, which provides "workforce performance support software." No terms were disclosed for this transaction expected to close in the first quarter.
Based in Berlin, datango was founded in 1999. SAP, which has North American headquarters in Newtown Square, said that datango will expand its offerings for education tools.
New Century Transportation Inc. named trucking industry veteran Terrence M. Gilbert as CEO, succeeding the company's founder, Harry Muhlschlegel.
Gilbert, 55, spent much of his career at Akron, Ohio-based Roadway Express Inc. where he was named president in 2007.
Muhlschlegel, 65, who founded Westampton-based New Century in July 2000, is retiring from operations but will remain on the board as vice chairman.
The bottom line on Bottom Dollar Food is that grocery store operator Delhaize America intends to keep its low-frills stores in the Philadelphia region open even as it plans to convert others to its Food Lion brand.
Bottom Dollar currently has 18 stores in the Philadelphia region -- all opened since October 2010.
Brussels-based Delhaize Group SA said Thursday that it would close 146 money-losing stores, of which 113 are Food Lion supermarkets located in the South.
Urban Outfitters isn't the only local company to change CEOs this week.
Blue Bell-based UniTek Global Services, which does the construction and other grunt work for cable TV and telecommunications providers, said C. Scott Hisey resigned as president and CEO as did Peter Giacalone as chairman of the board.
The moves are effective immediately, the company said in a statement. Hisey will remain a board member, but not Giacalone.
Now that Alcoa has kicked off earnings season, we're in that quiet period before the onslaught later this month of numbers, justifications and "wait till next year." (Which would be this year.)
What caught my attention as I scanned the usual news outlets was this: The Wall Street Journal reports on how sales reps for the pharmaceutical industry have changed their sales pitches. Will the softer sell work? Here's a link to the story.
In other news, Shire PLC isn't providing any details, but the British drug company with North American headquarters in Wayne, Pa., said it has acquired the U.S. rights to Resolor, a constipation treatment, from Janssen Pharmaceutica N.V.
Chadds Ford-based Endo Pharmaceuticals said there will be a "short-term supply constraint" of its pain pill, Opana ER.
The cause is a temporary shutdown of a manufacturing plant run by Novartis Consumer Health in Lincoln, Neb. Endo said that production was suspended to enable Novartis to make "certain manufacturing process improvements," involving packaging.
Novartis said on Sunday that it was halting operations and shipments at the Nebraska plant, and it is recalling various products such as Excedrin, NoDoz and Bufferin. Novartis said it will take a $120 million charge in the fourth quarter in connection with the recalls and manfacturing changes.