| Harleysville National selling, leasing back 16 branches
Harleysville National Bank, a subsidiary of Harleysville National Corp., said Wednesday that it has agreed to sell 16 Pennsylvania properties to American Realty Capital and lease them back. The branches are in Berks, Bucks, Lehigh, Montgomery, Northampton, and Carbon counties. The bank has 50 branches total. Each lease will have an initial term ranging from five to 15 years with options to renew up to 45 years. The agreement is expected to close by the end of the year. Harleysville National (NASDAQ:HNBC - News) of Harleysville, Pa., is a $3.8 billion asset company that is parent to Harleysville National Bank and Millennium Wealth Management. American Realty Capital is based in New York. Published November 21, 2007 by the Philadelphia Business Journal .
Farmers National, Merchants National banks merge
KITTANNING, Pa. (AP) - The parent companies of Farmers National Bank and Merchants National Bank of Kittanning will merge next year. Merchants Bancorp of Pennsylvania and F&A Financial Corporation announced the merger this week. The merged bank will be called Farmers & Merchants Bank of Western Pennsylvania. Merchants Bank has been in business for 110 years and Farmers Bank for 123 years. Together, the banks have seven branches in Armstrong County, all of which will remain open after the March 31st merger. A new branch will open in Leechburg. Information from: Leader Times, http://www.leadertimes.com Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Business gallery
First National Bank promoted Diane Geisler to vice president of commercial lending in the Pittsburgh region. She will be responsible for developing and managing commercial relationships for middle market companies throughout Western Pennsylvania, and managing a commercial loan portfolio with more than $17.5 million in commitments. Geisler earned a bachelor's degree in business administration and accounting, as well as a master's degree in business administration from St. Francis University in Loretto. Accounting Alpern Rosenthal announced the following promotions: Rebecca A. Lodovico, manager in the tax department; and Nathan A. Brewer, Holly D. Fuller and Timothy J. Skrip, managers in the accounting and audit department. .
Daily Briefing
Citizens Bank appointed two new directors for the Phildelphia/Delaware region, the bank announced Tuesday. Daniel K. Fitzpatrick will become president and CEO of eastern Pennsylvania and New Jersey, and will assume responsibility for Delaware. A Philadelphia native, Fitzpatrick formerly worked as Bank of America's market executive for commercial banking for Pennsylvania, southern Jersey and Delaware. Richelle Vible will continue as president for Delaware and will report to Fitzpatrick. The bank also appointed Ralph J. Papa to the position of chairman of Citizens Bank of Pennsylvania. Citizens Bank has 26 branches and 44 ATMs in Delaware. .
US stocks fall amid banking concerns
Stocks slid further on Monday as Wall Street absorbed a gloomy outlook for the banking sector and anticipated bleak news from the National Association of Homebuilders. The Standard & Poor's 500 index and the Dow Jones industrial average each lost more than 1 percent.
Setting the tone was Goldman Sachs' downgrade of large banks, and its estimate that Citigroup Inc would have to write down $15 billion due to its exposure to risky debt over the next two quarters.
The worry on Wall Street is that the housing market is getting so weak that it will crimp consumer spending, which until now has helped keep the economy afloat. Ahead of the holiday shopping season, any signs that Americans are pulling back could prevent a December rally.
Later Monday, the NAHB releases its November housing forecast.
Keeping your identity on a short leash
Terry Cutler is a Canadian-based support engineer with Novell and a certified Ethical Hacker, and wants to get the news out to people on how they can and should protect their information and their identities from the many pitfalls of the Internet age. The following is a guide that he has provided to canada.com in order to inform our readers. A new illegal enterprise is preying on our citizens, attracting the likes of criminals, gangs and illicit organizations. Crooks hack into company computers to steal the private information - and sometimes the full identities - of their customers. .
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