Archive: March, 2013
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.
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.
Bentley Systems Inc., an Exton software developer focused on roads, bridges and other infrastructure projects, said revenues increased 5 percent to $550 million in 2012 from $523 million in 2011.
Chief executive Greg Bentley -- who described Bentley Systems as a “no drama company” on a conference call -- said the Middle East and Africa were its fastest-growing regions last year.
“We continue to be a motivated number-two” competitor to Autodesk Inc.’s Architecture, Engineering & Construction software business, he said.
Shire P.L.C. will buy SARcode Bioscience Inc., which is developing a treatment for dry eyes, in a deal worth at least $160 million.
The pharmaceutical company, which has its U.S. headquarters in Wayne, said the acquisition will give it control of a compound called Lifitegrast, which is currently in late-stage clinical trials.
About 25 million people in the United States are thought to suffer from dry eye disease, of which 9 million are candidates for prescription drug treatment, Shire said.
Say goodbye to one of the 17 companies that made the Inc. 500 fastest-growing companies list in 2012.
The Inc. 500 list ranks privately held companies by their revenue growth over a three-year period. Transcend United was ranked No. 254 on last year’s list, with revenue growth of 1,406 percent.
Venture capital funds do not last forever, and Cross Atlantic Capital Partners has said it will wind down a fund started in 1999.
The Radnor firm, which has more than $500 million under management, said Friday it will liquidate its remaining portfolio holdings. Cross Atlantic said the decision comes after several "successful exits, including three IPOs."
Firms generally are not eager to tout the beginning of the end for a fund. But in this case, the Cross Atlantic Technology Fund L.P. owns 668,572 shares of Rubicon Technology Inc., a publicly traded maker of products used in LEDs and other optical equipment.
Honickman Group, of Pennsauken, will acquire Pepsi-Cola bottling operations on Long Island, N.Y. from another independent bottler, Pepsi Bottling Ventures L.L.C. (PBV)
Terms of the transaction, expected to be completed during the second quarter, were not disclosed.
Honickman’s Pepsi-Cola Bottling Co. of New York currently operates in New York City’s five boroughs and Westchester County.
First Round Capital, one of the nation's most active venture capital investors, has been picked by the City of Philadelphia to manage its $6 million seed fund.
The West Philadelphia-based First Round Capital intends to invest the capital in Philadelphia start-ups over the next two to three years. The average size of investment will be about $500,000, according to First Round founder Josh Kopelman.
At that amount, the Startup PHL Seed Fund would invest in 12 companies from the information technology sector.