Lancaster-based Fulton Bank confirmed that it will open its first Washington, D.C., regional office.
Spokeswoman Lacey Dean said the space, at 1 M St. SE, Suite 420, should be occupied in March.
“It will house a variety of corporate team members,” she said in an email, “including commercial relationship managers, health care relationship managers, residential mortgage representatives and our chief legal officer.”
Fulton already has financial centers in Greenbelt, Clinton and Rockville, Maryland, and Herndon and Manassas, Virginia.
Team members are mostly relocating to D.C. from remote sites or will be new hires, Dean said. One or two people are moving from the Gaithersburg, Maryland, regional office to the D.C. office.
Later this year, Fulton will shutter five branches in a variety of markets as part of a consolidation. Two of those locations are in Annville, Lebanon County, and South Easton, Northampton County. After the five close, the bank will continue to operate 204 financial centers (with four more opening in 2023, bringing the total to 208 by the end of the year) as well as online, mobile and phone banking.
Lancaster-based Fulton Financial Corp. set records in several areas last year, as it reported its fourth quarter and 2022 earnings this week.
“2022 was a record year for Fulton, as we continued to execute on our strategy to grow the bank, deliver effectively for customers, operate with excellence, and serve our stakeholders,” Chairman and CEO Curtis J. Myers said in a release.
“I’m very proud of our team’s results, especially given the large number of strategic initiatives, we tackled, including the Prudential Bancorp acquisition – our first whole-bank acquisition in over a decade. Coming out of 2022, we are well positioned for continued success in 2023.”
The results for the third and fourth quarters include the impact of the Prudential Bancorp acquisition, which was consummated July 1, 2022.
Lacey Dean, director of corporate communications, wrote in an email that Fulton Financial set an all-time high in 2022 of $276.7 million in net income available to common shareholders.
Net income per diluted share, excluding expenses related to the Prudential Bancorp acquisition, was $1.76 for 2022.
In addition, “we saw strong loan growth in 2022, taking our loan portfolio over $20 billion for the first time in company history,” Dean said.
Certain fee-based businesses had a record year as well, she said, including Fulton Financial Advisors, the Commercial Cash Management Group and debit and credit card products.
For the fourth quarter of 2022, net interest income was $225.9 million, an increase of $60.3 million, or 36.4%, in comparison with the fourth quarter of 2021. Growth was primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $81.6 million, $5.0 million and $3.5 million, respectively.
Also, increases in the average balances for net loans and investment securities of $1.784 billion and $408.4 million, respectively, driven in part by the Prudential Bancorp acquisition, contributed to the increase in interest income.
Burnham Holdings Inc. reported its financial results for the six months ended July 3, showing a net sales increase of 20% as well as a net loss in the second quarter of $1.1 million.
Lancaster-based Burnham is the parent company of subsidiaries that are domestic manufacturers of boilers and related HVAC products and accessories (including furnaces, radiators and air conditioning systems) for residential, commercial and industrial applications.
Demand remained strong across Burnham’s residential and commercial businesses. For the first half of 2022, sales of residential products rose 20.5% and sales of commercial products increased 18.7% climbed with the first half of 2021.
“We are seeing strong momentum from incoming orders as both the residential and commercial backlogs have increased by $12.6 million and $9.9 million versus the prior year, respectively,” a release noted.
The net loss this past quarter was less than the $2.5 million net loss in the second quarter of 2021. Material inflation and staffing challenges continue to impact profitability, and rising interest rates and higher debt levels have resulted in higher interest expense.
The release said profitability “continues to be pressured by significant challenges in hiring and retaining qualified employees as well as multiple supply chain issues. Production capacity and efficiencies continue to be hampered by parts availability and shortages of critical materials. Appropriate pricing actions have been taken across all subsidiaries in response to continuing inflationary pressures. Although there are signs of improvement, we remain diligent and ready to respond to continued instability and uncertainty in the greater macro-economic environment.”
At its July 21 meeting, the Burnham Holdings board of directors declared a regular quarterly common stock dividend of $0.22 per share payable Aug. 17.
Lancaster-based Fulton Financial Corp. reported second-quarter net income available to common shareholders of $67.4 million, an increase of $5.7 million, or 9.2%, from the first quarter.
Year to date, net income available to common shareholders was $129.2 million for the period ending June 30, a decrease of $3.7 million from this time last year.
“Overall, we are pleased with Fulton’s performance and results for the second quarter,” E. Philip Wenger, Fulton Financial’s chairman and CEO, said in a release. “Loan originations were strong, we began to see the positive impact of rising interest rates, and fee income was solid despite headwinds in mortgage banking and our wealth management businesses.”
“On the corporate front, we completed our acquisition of Prudential Bancorp, Inc., which was a very important milestone for us, and we published our first Corporate Social Responsibility report highlighting the positive impact our company and our team are making in the communities we serve.”
Fulton also reported net interest income for the second quarter of $178.8 million, $17.5 million more than last quarter and $16.4 million more than the second quarter of 2021. Higher interest rates resulting in an increase in interest income from net loans of $9.2 million were a major factor.
And non-interest income before investment securities gains in the second quarter was $58.4 million, or a 5.7% jump from the first quarter. The release noted that this was driven by increases of $2.1 million in fee income from commercial customer interest rate swaps, $1.3 million in commercial banking merchant and card revenues and $0.8 million in consumer banking fees, which partially offset by a decrease of $1.2 million in wealth management revenues.
ENB Financial Corp., the bank holding company for Ephrata National Bank, reported net income of $3.191 million for the first quarter, down 29.2% from a year ago.
Higher net interest income and a lower provision for loan losses were more than offset by lower operating income and higher operating expenses, a release explained.
National Bank operates 13 locations in Lancaster County, southeastern Lebanon County and southern Berks County.
For the three months ending March 31, ENB Financial’s net interest income increased 10.8% compared with the same period in 2021. And interest expense on deposits and borrowings decreased 19.7%.
The corporation recorded a provision for loan losses of $100,000 in the first quarter of 2022, compared with $375,000 for the first quarter of 2021.
Other quarterly income fell $1.642 million, or 30.9%, compared with the prior year, primarily due to a 61.9% decline in gains on the sale of mortgages. “Mortgage production was stable in 2022 compared to 2021, but the rapid market rate increases have affected the margin the corporation is able to obtain on the sale of mortgages,” the release noted.
Also, total operating expenses increased $1.421 million, or 15.5%, as salary and benefit expenses jumped 14.3%.
As of March 31, ENB Financial reported assets of $1.71 billion, up 11.3% from a year ago; loans of $950.6 million, up 12.9%; deposits of $1.52 billion, up 14.5%; and stockholders’ equity of $116 million, down 9.9%.
Financial technology company CampusDoor is relocating its national headquarters from Carlisle to downtown York.
CampusDoor, which has more than 100 full-time employees and is one of the country’s largest third-party loan origination platforms, will move into 25,000 square feet of office space at 210 York St., next to PeoplesBank.
As a way of introducing itself to the York community, CampusDoor will contribute $1,000 each to the York County Hispanic Coalition, the York College Community Opportunity Scholarship Program and the United Way of York County.
According to a release, CampusDoor wants to build “on its mission to increase everyone’s access to a college or trade school education, regardless of their economic circumstances.” In-house internships and summer employment opportunities for local students are envisioned as well.
“This is a very exciting time for CampusDoor,” CEO Steve Winnie said in the release. “As we looked around at communities for our company’s headquarters, downtown York is a perfect fit. We’ve already developed a strong relationship with partners such as York College of PA and the YCEA (York County Economic Alliance), and we look forward to making a meaningful impact here.”
Kevin Schreiber, president and CEO of the alliance, added: “We are ecstatic to welcome CampusDoor to the York community. We have spent this past year working closely with Steve Winnie and his team to find the right home for their company. … They are a welcomed addition to YoCo’s corporate community and we could not be more enthusiastic to join them in celebrating this exciting announcement.”
Directors Jonathan Freeman, Jeffrey Kline, Kristopher Korzi, Cody Gehman, Brad Sanders, and Brian McCarver. PHOTO/PROVIDED
Wormleysburg, Cumberland County-based financial management group, Stonebridge Financial Group, recently welcomed its first new partners in 15 years.
The four Stonebridge employees include Jeffrey Kline, Brad Sanders, Kristopher Korzi and Cody Gehman. They were elevated to the role of partner at the end of 2021.
“Our four new partners, who have a collective tenure of 27 years with us, bring great value to our organization and clients on a daily basis,” said Brian McCarver, a director at Stonebridge. “We’re fortunate to employ such experienced and community-focused team members, and we welcome them to partner status.”
Gehman, 28, is the firm’s youngest employee to join as partner. He joined the firm as practice manager, overseeing firm operations.
Gehman heads the client operations team and spearheaded the adoption of technology that helped the firm transition into virtual working during the pandemic.
“Cody has taken on new responsibilities with every passing year,” McCarver said. “He actively searches out ways he can help support our work with clients, making our firm more effective for those clients.”
Kline, a senior financial advisor heading Stonebridge’s 401k practice, has worked at the practice since 2007. He played a key role in opening the firm’s recent Lancaster office, where he is one of three advisors.
“He sees the value in relationships and creating new connections,” said Jonathan Freeman, a director at Stonebridge. “He is responsible for bringing in a significant amount of new business over the years, currently managing over 120 corporate retirement plans with more than 6,000 participants.”
Korzi, head of the portfolio management team as a senior portfolio analyst, joined Stonebridge in 2015. His team handles portfolio management for nearly 775 households and helps lead the Stonebridge investment committee.
“Kris built the models for our portfolio management system, which has matured our portfolio management process into a proprietary organization-wide tool,” said McCarver. “He is extremely firm-centric and attuned to growth opportunities for Stonebridge.”
Sanders joined in 2018 and has over a decade of experience in the financial services industry. He graduates from private nonprofit leadership program Leadership Harrisburg Area in 2020 and manages over 175 households through Stonebridge.
“Brad is a gifted communicator who does amazing work with clients. He has been a model advisor for us,” Freeman said. “He’s also very active in the nonprofit world, where he currently serves on the board at Open Stage of Harrisburg and on the marketing committee with Hospice of Central PA.”
Lancaster-based financial holding company, Fulton Financial Corp., declared a quarterly cash dividend of 14 cents per share on its common stock, payable to shareholders on Jan. 14, 2022.
Fulton’s Board of Directors also declared a quarterly dividend of $12.81 per share on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on Jan. 18. The share is equivalent to $0.32025 per depositary share.
Fulton has more than 3,200 employees and operates more than 200 branches in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through Fulton Bank. The financial holding company is worth $26 billion.
Millersburg-based Mid Penn Bancorp Inc. and Riverview Financial Corporation, headquartered in Harrisburg, signed a definitive merger agreement in which Mid Penn will acquire Riverview.
The all-stock transaction is valued at approximately $124.7 million, based upon Mid Penn’s closing stock price of $27.47 for the trading day ending June 29. The merger of the two franchises will create a premier Pennsylvania community bank with approximately $4.8 billion in assets, $3.7 billion in deposits and $3.7 billion in loans.
The merger, unanimously approved by both boards of directors, will enhance Mid Penn’s footprint throughout central Pennsylvania. In addition to providing entry into the growing Lehigh Valley and State College markets, the combination also provides access to attractive core deposit funding markets including the Clearfield and Altoona regions in western Pennsylvania.
Following the transaction, Mid Penn will be the sixth largest Pennsylvania headquartered bank under $10 billion and will retain its standing as the top-ranked community bank by deposit market share in the Harrisburg MSA.
“We are pleased to welcome the Riverview shareholders, customers and employees to the Mid Penn family,” said Mid Penn President and CEO Rory G. Ritrievi. “These two great community bank organizations have been familiar with each other for years as competitors but now get to provide world class customer service to our markets throughout Pennsylvania together. This combination provides strong economic value to both shareholder groups and creates a financial institution with plenty of muscle at a time when it is most important.”
Under the terms of the merger agreement, shareholders of Riverview common stock will receive 0.4833 shares of Mid Penn common stock for each share of Riverview common stock they own. All options to purchase Riverview common stock will be cashed out upon completion of the merger. The transaction is intended to qualify as a reorganization for federal income tax purposes and, as a result, the receipt of Mid Penn common stock by shareholders of Riverview is expected to be tax-free.
Subject to customary closing conditions, including the receipt of regulatory approvals and Mid Penn and Riverview shareholder approvals, the merger is expected to close in the fourth quarter of 2021. Following completion of the merger, Riverview Bank will be merged with and into Mid Penn Bank. Additionally, two Riverview directors will join the board of directors of Mid Penn Bancorp.
Univest Financial’s first Cumberland County regional office opened this month at 4601 Carlisle Pike in Mechanicsburg.
The Montgomery County-based bank’s newest edition is part of a larger strategy to expand into the midstate, which began with Univest’s first central Pennsylvania location in Lancaster in 2016.
The Mechanicsburg regional office offers commercial and consumer banking along with treasury management, insurance, mortgage banking, equipment finance and wealth management.
“Since we began our expansion into central Pennsylvania in 2016, Univest’s relationship-focused approach and commitment to the local communities we serve has resonated,” said Michael Keim, president of Univest Bank and Trust Co.
The new office is led by Justin Conner, vice president and commercial banking market leader for the Capital Region.
The company also recently opened locations in Berks and York counties.
Univest Financial Corp., including its subsidiary Univest Bank and Trust Co., has approximately $6.3 billion in assets and $4.1 billion in assets under management through its wealth management lines of business.
It operates over 50 offices in Pennsylvania, New Jersey and Maryland.
Stonebridge Financial Group in Wormleysburg, Cumberland County, was about to sign the lease to its new Lancaster location when the pandemic struck and leadership agreed to delay opening a new brick-and-mortar storefront.
A year later, the personal wealth management and retirement planning firm is moving forward and is set to open the new office by the end of the month — a decision the firm says will help it access more of the region’s client base.
Stonebridge was founded in 2002 and has since operated primarily in Pennsylvania’s capital region, first in Lemoyne and later in Wormleysburg.
The firm has clients across the country and has strengthened its virtual communication like many other firms. However, while the company has the ability to hold online meetings with clients, there is still value in face to face meetings, said Jeffrey Kline, senior financial advisor, and one of three advisers moving to the new location.
“We embrace being in the communities so we can be face to face with clients,” said Kline. “We’ve worked virtually with our clients over the last 14 months but as we return to some normalcy, we looked at this as an opportunity to expand into the Lancaster marketplace.”
That face to face communication is particularly important with Stonebridge’s family wealth clients, which Kline referred to as a “highly relational business.”
“A lot of the higher risks folks for COVID are close to retirement age,” he said. “We were nimble and able to execute a virtual experience but it wasn’t that personalized contact that a lot of our clients seek out.”
Finding a new location was significantly easier the second time around, according to Kline, who said the pandemic caused many businesses to decrease their space, causing more inventory to crop up.
Stonebridge’s new location at 26A East Roseville Road, Lancaster, opens on April 27.
The firm’s founders and directors, Johnathan Freeman and Brian McCarver, said that the move will allow the firm to offer the same investment consultation services that it has used to help realize and secure financial goals spanning generations.
“We want Lancaster residents, businesses and organizations to understand the opportunities and potential rewards that become available by taking a proactive approach to their financial situations and retirement plans,” they said.
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