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Inquirer Daily News

Financial Services

POSTED: Monday, April 1, 2013, 6:06 PM
Filed Under: Financial Services

It’s bad enough when a stock loses 10 percent of its value over the course of one quarter. It’s even worse when the same stock loses twice that amount in one day.

As I wrote in the Sunday Inquirer, DFC Global Corp. was worst performer in terms of stock performance among the Philly 50 local stocks so far in 2013.

The 10.2 percent drop in the price of DFC’s common stock between Dec. 31 and March 28 came during a quarter when the Standard & Poor’s 500 index rose a robust 10 percent.

POSTED: Thursday, March 28, 2013, 12:17 PM
Filed Under: Financial Services

Bryn Mawr Bank Corp. will go from one branch to five in the state of Delaware by acquiring MidCoast Community Bancorp Inc. in a transaction valued at $33 million.

The Montgomery County-based bank holding company said Thursday it will acquire the 6-year-old MidCoast, which has about $235 million in loans, $250 million in deposits, and 36 employees.

In this all-stock deal, MidCoast shareholders would receive 0.52 shares of Bryn Mawr Bank common stock for each share of MidCoast they own. Shares of Bryn Mawr Bank were trading at $23.52, up 6 cents, on Thursday afternoon.

POSTED: Wednesday, March 27, 2013, 6:48 PM
Filed Under: Financial Services

Royal Bancshares of Pennsylvania Inc. has cut 9 percent of its workforce which stood at 152 employees as of Dec. 31.

The Narberth-based bank holding company made the disclosure in announcing financial results for its fourth quarter and year-end.

Royal, which hired a new chief executive officer, Kevin Tylus in December, lost money for a fifth straight year. It reported a net loss of $15.6 million, or $1.33 per share, for 2012 compared with a loss of $8.6 million, or 80 cents per share, for 2011.

POSTED: Wednesday, June 6, 2012, 4:18 PM
Filed Under: Financial Services

Northwestern Mutual Life Insurance Co. donated $4.2 million over the next five years to the American College, a Bryn Mawr-based financial-service educational institution.

The money will be used to create and fund the Northwestern Mutual Granum Center for Financial Security, which is named after a managing partner of the insurer's Chicago office.

The nonprofit American College said the donation would be the largest single corporate gift it had ever received.

POSTED: Friday, May 25, 2012, 3:22 PM
Filed Under: Financial Services

First Priority Financial Corp., of Malvern, will combine with Affinity Bancorp Inc., a smaller Berks County bank holding company, in a stock transaction.

First Priority, which has six branches with total assets of $279.7 million as of March 31, will merge with Affinity, a Wyomissing institution with five branches and $176.5 million in assets. According to a statement, the result will be a financial institution with $450 million in assets, $335 million in loans and $390 million in deposits.

The two sides are calling the deal a “merger of equals,” but First Priority shareholders would wind up owning 62 percent of the new holding company which intends to retain the First Priority name and remain based in Malvern. The 12-member board would include six from First Priority, four from Affinity and two players to be named later.

POSTED: Wednesday, April 11, 2012, 12:18 PM

The three top executives of Royal Bancshares of Pennsylvania Inc., including CEO Robert R. Tabas, will step down by the end of the year.

The retirement of Tabas would mark the first time since 1980 that a Tabas family member will not have a management role in the bank. Daniel Tabas acquired the bank in 1980 and it went public in 1983.

Shares of the Narberth bank holding company were up 12 percent, or 15 cents, Wednesday morning to $1.38 on the news.

POSTED: Tuesday, March 20, 2012, 6:42 PM
Filed Under: Financial Services

A Massachusetts asset management firm has agreed to acquire an equity interest in Veritable L.P., a Newtown Square-based firm that manages more than $10 billion for about 200 wealthy families.

While terms of the transaction were not disclosed, AMG Wealth Partners L.P. said that Veritable’s management and 84 employees, led by founder and chief executive officer Michael Stolper will retain “significant equity interest” and remain in place of day-to-day operations.

AMG Wealth is a subsidiary of the publicly traded Affiliated Managers Group Inc., which has assets under management of about $338 billion.

POSTED: Wednesday, March 14, 2012, 8:58 AM

PNC Financial Services Group, one of 15 big banks to pass the Federal Reserve's latest stress tests, will be raising its dividend, but has not disclosed by how much.

The Pittsburgh bank holding company currently pays 35 cents per share for its quarterly dividend. PNC's board is expected to discuss hiking that at its April meeting.

Who failed the stress tests? Citigroup, MetLife, Ally Financial and SunTrust.

About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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