Philadelphia Bank Loans – OHCD Phila http://ohcdphila.org/ Sat, 02 Jul 2022 10:18:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ohcdphila.org/wp-content/uploads/2021/06/icon-5-150x150.png Philadelphia Bank Loans – OHCD Phila http://ohcdphila.org/ 32 32 Borough considers using ARP funds to purchase new police vehicle | Local News https://ohcdphila.org/borough-considers-using-arp-funds-to-purchase-new-police-vehicle-local-news/ Sat, 02 Jul 2022 04:15:00 +0000 https://ohcdphila.org/borough-considers-using-arp-funds-to-purchase-new-police-vehicle-local-news/ The Indiana borough council appears willing to use up to $50,000 of the borough’s $1.38 million in American Rescue Plan Act funds for a new police vehicle. As explained in the agenda for Tuesday’s 7 p.m. voting meeting, the Indiana Borough Police Department “maintains a fleet of emergency vehicles that require a vehicle replacement plan.” […]]]>

The Indiana borough council appears willing to use up to $50,000 of the borough’s $1.38 million in American Rescue Plan Act funds for a new police vehicle.

As explained in the agenda for Tuesday’s 7 p.m. voting meeting, the Indiana Borough Police Department “maintains a fleet of emergency vehicles that require a vehicle replacement plan.”

With that in mind, the council’s Public Safety Committee, chaired by Councilman Donald Lancaster, along with Police Chief Justin Schawl and Borough Manager Nichole Sipos, is proposing that council purchase a 2022 Ford Explorer and its equipment, through the state’s established cooperative purchasing or Tri-Star Motors COSTARS program.

The borough would not spend more than $50,000. According to the agenda, “this does not negate the need to continue our budgeted cruiser leasing program, but rather brings our vehicle replacement rotation closer to its goal.”

Borough communications and grants coordinator Kyle Mudry said a more in-depth discussion of the uses of the U.S. bailout fund may or may not take place Tuesday night.

It was also unclear whether a remapping of the borough’s four neighborhoods would be a topic on Tuesday. An ad hoc committee tasked with drawing up a new neighborhood map has met three times recently, but Mudry thought that was unlikely to be a topic.

“A full conversation on council redistribution and resizing is expected at one of the next business meetings,” the borough official said.

Also on the agenda is a suggested motion allowing Sipos to execute proposed investment policy statements for the three borough pension plans, and another that would authorize Sipos to execute a loan proposal letter to M&T Bank of Buffalo, NY

Meanwhile, the Northern Appalachian Folk Festival Inc. is calling for the closure of Philadelphia Street between Fifth and Sixth Streets, and North Sixth Street between Philadelphia Street and Nixon Avenue on September 9 and 10.

It’s a recurring event but the organizers are asking for an extended road closure, hence the request for council approval.

A rental agreement between the borough and Christ Bible Fellowship Church is also on the agenda Tuesday.

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Nets guard Ben Simmons says he ‘feels amazing’ weeks after starting rehab after back surgery https://ohcdphila.org/nets-guard-ben-simmons-says-he-feels-amazing-weeks-after-starting-rehab-after-back-surgery/ Thu, 30 Jun 2022 17:12:15 +0000 https://ohcdphila.org/nets-guard-ben-simmons-says-he-feels-amazing-weeks-after-starting-rehab-after-back-surgery/ Brooklyn Nets guard Ben Simmons is preparing to come back strong next season. Simmons was optimistic about his return on Thursday, saying he “felt amazing” after being allowed to start rehab after back surgery. Simmons posted an image to his Instagram Story in which he is seated in front of his Nets locker. He wrote […]]]>

Brooklyn Nets guard Ben Simmons is preparing to come back strong next season. Simmons was optimistic about his return on Thursday, saying he “felt amazing” after being allowed to start rehab after back surgery.

Simmons posted an image to his Instagram Story in which he is seated in front of his Nets locker. He wrote “feeling amazing” on the photo.

Simmons missed the entire 2021-22 NBA season due to a lockout, mental health issues and a back injury. He was traded from the Philadelphia 76ers to the Nets at the trade deadline, but did not adjust to his new team due to back problems.

Simmons underwent back surgery in May. He was cleared to begin rehabilitation from the injury in early June. If Thursday’s message is any indication, the rehab process is going well for Simmons.

Ben Simmons facing a critical season with the Nets

It will be important for Simmons to be up and running once he is finally ready for the Nets. Simmons hasn’t played in a professional game since a 2020-21 playoff loss to the Atlanta Hawks. Simmons was criticized for his performance in this series. He passed up easy shooting opportunities and barely shot at all in the fourth quarter of close games. Joel Embiid and 76ers coach Doc Rivers apparently questioned Simmons’ ability after that playoff loss.

These comments led to feuds between Simmons and the 76ers. Simmons asked for a trade in the offseason, but the 76ers didn’t budge. Simmons initially stayed away from training camp, forfeiting his salary to stay away from the team. He eventually flagged, argued with the team, and then missed time due to both sanity and a back injury.

The 76ers eventually traded Simmons to the Nets for James Harden. Simmons didn’t play a game for the Nets and decided to have back surgery after speaking with doctors.

The Nets need Simmons back and playing at a high level next season. Simmons has three more seasons left on his contract and will earn over $35 million each year. If he can’t reach his previous levels, it will be difficult for the Nets to get rid of this contract, especially given the way things ended up in Philadelphia.

PHILADELPHIA, PENNSYLVANIA – MARCH 10: Ben Simmons #10 of the Brooklyn Nets warms up before the game against the Philadelphia 76ers at Wells Fargo Center on March 10, 2022 in Philadelphia, Pennsylvania. NOTE TO USER: User expressly acknowledges and agrees that by downloading and/or using this photograph, user accepts the terms and conditions of the Getty Images License Agreement. (Photo by Elsa/Getty Images)

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Here’s how small business owners can manage their finances when interest rates rise https://ohcdphila.org/heres-how-small-business-owners-can-manage-their-finances-when-interest-rates-rise/ Mon, 27 Jun 2022 18:12:46 +0000 https://ohcdphila.org/heres-how-small-business-owners-can-manage-their-finances-when-interest-rates-rise/ Two weeks ago, the Federal Reserve announced a 75 basis point hike in a key rate: its federal funds rate, which banks charge each other to borrow or lend excess reserves overnight. Fluctuations in this rate affect interest rates throughout the banking system. It is therefore not surprising that since the announcement, rates for consumers […]]]>

Two weeks ago, the Federal Reserve announced a 75 basis point hike in a key rate: its federal funds rate, which banks charge each other to borrow or lend excess reserves overnight. Fluctuations in this rate affect interest rates throughout the banking system. It is therefore not surprising that since the announcement, rates for consumers and businesses have increased.

For example, a 30-year fixed-rate mortgage now averages 5.81%, down from 3% a year ago, and the prime rate – which is the interest the bank charges its best customers – applied by financial institutions such as Bank of America is now at 4.75% compared to 3.50% last March.

Clearly, interest rates are rising, and many economists believe rates will continue to rise as the Fed battles both inflation and a slowing economy. For a small business like mine, all of this means higher costs to maintain debt and borrow additional funds. It may also lead to a decrease in available capital. So what can we do now to prepare?

For beginners, small business owners should ensure that we pay off our credit card debt and any other higher interest loans with variable rates. The interest on this debt could become very expensive. If you are able to repay these higher rate loans, do so. If not, try converting that debt – or some of it – into longer-term loans with fixed interest rates, even if that means giving collateral to secure those loans.

“Rising debt servicing costs can be a large and unexpected impact on cash flow and preparing for it early is crucial,” said Clifford P. Haugen, financial adviser at BLB&B Advisors LLC in Montgomeryville. “If a small business owner hasn’t reviewed their loan terms recently, now is a good time to do so.”

If you need financing, you’ll find the best rates (and the best chance of approval) with government-backed Section 7(a) and 504 loans offered by lenders approved by the US Small Business Administration. Or if you are a Philadelphia-based company, check with the Philadelphia Industrial Development Corporation.

Also, try taking advantage of the State Small Business Credit Initiative, where — thanks to the American Rescue Plan Act 2021 — more than half a billion dollars is being made available to businesses in Pennsylvania, New Jersey and Delaware in over the next few months by the federal government. government through local lenders and community organizations.

Interest rate increases will increase your cost of borrowing. But there’s a silver lining: the potential to increase your income if you manage your money wisely. Savings account rates aren’t rising significantly yet, but they will. Talk to your banker and create some higher yielding checking or money market accounts and start sweeping any excess cash there.

Consider putting all the money you don’t need for six months or a year in FDIC-insured certificates of deposit, which typically pay higher interest but lock in your funds for a period of time. Also consider short term US Treasuries until interest rates start to rise.

“The three-month US Treasury ended the week at 3.35% – levels we haven’t seen in almost 15 years,” Haugen said. “With inflation well above these levels, these are still negative real returns. to hold the bonds until maturity seems quite attractive.

If you’re willing to take a little more risk and can invest for the long term, consider moving your excess cash into mutual funds that invest in blue-chip, dividend-paying stocks, which have historically proven to be superior. to interest income.

“I advise my clients to rebalance their accounts,” said Steven Kalodner, wealth adviser and portfolio manager at financial services firm UBS in Mount Laurel. “That can often involve buying some blue chip dividend paying companies.” Kalodner warned, however, that the stock the market could reach “new lows this year” and that investors should be “slow to buy many stocks except the best of the best”.

While we’re on the subject of money, we should all do our best to handle it better.

This means stepping up our credit and collection activities to ensure that our open receivables are not past due for more than 30 days or even less, if possible. The longer our invoices remain open, the less interest we have receive on our money. I advise my clients to try to take advantage of vendor discounts for early payment, as these discounts can often earn more than the interest paid by a bank.

The most important thing in these times of rising interest rates and inflation is to work with someone experienced in the financial markets because, as Kalodner believes, no investment is right for everyone. : we are all at different stages of our professional and personal lives. Lives.

“Markets today are very volatile and interest rates are the highest they have been in several years,” he said. “I strongly suggest business owners speak to their financial advisors and come up with a plan if they don’t have one that would outline what investments they should own.”

Gene Marks is a Chartered Accountant and owner of Marks Group, a technology and financial management consultancy firm in Bala Cynwyd.

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1895 Bancorp of Wisconsin (NASDAQ:BCOW) and William Penn Bancorporation (NASDAQ:WMPN) Critical Survey https://ohcdphila.org/1895-bancorp-of-wisconsin-nasdaqbcow-and-william-penn-bancorporation-nasdaqwmpn-critical-survey/ Sun, 26 Jun 2022 06:13:39 +0000 https://ohcdphila.org/1895-bancorp-of-wisconsin-nasdaqbcow-and-william-penn-bancorporation-nasdaqwmpn-critical-survey/ 1895 Bancorp of Wisconsin (NASDAQ:BCOW – Get Rating) and William Penn Bancorporation (NASDAQ:WMPN – Get Rating) are both small cap finance companies, but which stock is superior? We’ll compare the two companies based on earnings strength, valuation, analyst recommendations, risk, dividends, institutional ownership and profitability. Insider and Institutional Ownership 28.6% of the shares of 1895 […]]]>

1895 Bancorp of Wisconsin (NASDAQ:BCOW – Get Rating) and William Penn Bancorporation (NASDAQ:WMPN – Get Rating) are both small cap finance companies, but which stock is superior? We’ll compare the two companies based on earnings strength, valuation, analyst recommendations, risk, dividends, institutional ownership and profitability.

Insider and Institutional Ownership

28.6% of the shares of 1895 Bancorp of Wisconsin are held by institutional investors. By comparison, 22.1% of the shares of William Penn Bancorporation are held by institutional investors. 3.5% of the shares of 1895 Bancorp of Wisconsin are held by insiders of the company. By comparison, 2.9% of the shares of William Penn Bancorporation are held by insiders of the company. Strong institutional ownership indicates that large fund managers, hedge funds, and endowments believe a stock will outperform the market over the long term.

Valuation and benefits

This chart compares gross revenue, earnings per share (EPS), and valuation of 1895 Bancorp of Wisconsin and William Penn Bancorporation.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
1895 Bancorp of Wisconsin $18.51 million 3.59 $90,000.00 ($0.09) -116.00
William Penn Bancorporation $28.16 million 6.21 $3.78 million $0.27 43.11

William Penn Bancorporation has higher revenues and profits than 1895 Bancorp of Wisconsin. Wisconsin’s 1895 Bancorp trades at a lower price-to-earnings ratio than William Penn Bancorporation, indicating that it is currently the more affordable of the two stocks.

Volatility and risk

1895 Bancorp of Wisconsin has a beta of 0.62, indicating that its stock price is 38% less volatile than the S&P 500. In comparison, William Penn Bancorporation has a beta of 0.14, indicating that its stock price of its stock is 86% less volatile than the S&P 500. .

Profitability

This table compares the net margins, return on equity and return on assets of 1895 Bancorp of Wisconsin and William Penn Bancorporation.

Net margins Return on equity return on assets
1895 Bancorp of Wisconsin -2.79% 0.14% 0.02%
William Penn Bancorporation 14.09% 1.91% 0.49%

Analyst Notes

This is a summary of the current ratings and recommendations for 1895 Bancorp of Wisconsin and William Penn Bancorporation, as provided by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
1895 Bancorp of Wisconsin 0 0 0 0 N / A
William Penn Bancorporation 0 0 1 0 3.00

William Penn Bancorporation has a consensus price target of $14.50, suggesting a potential upside of 24.57%. Given William Penn Bancorporation’s likely higher upside, analysts clearly believe that William Penn Bancorporation is more favorable than Wisconsin’s 1895 Bancorp.

Summary

William Penn Bancorporation beats 1895 Bancorp of Wisconsin on 10 of 13 factors compared between the two stocks.

1895 Bancorp of Wisconsin Company Profile (Get a rating)

1895 Bancorp of Wisconsin, Inc. operates as a holding company for PyraMax Bank, FSB which provides a range of financial services. The company offers checking, savings and certificate of deposit accounts. Its lending products include residential real estate loans for one to four families, residential real estate construction, commercial real estate and land development; commercial loans and lines of credit secured by non-real estate commercial assets; and consumer loans, such as home equity lines of credit, new and used auto loans, boat loans, recreational vehicle loans and loans secured by certificates of deposit. It also provides insurance and risk products for personal and business needs. The Company operates through a network of three full-service banking offices in Milwaukee County, two full-service banking offices in Waukesha County and one full-service banking office in Ozaukee County, Wisconsin. 1895 Bancorp of Wisconsin, Inc. was founded in 1895 and is headquartered in Greenfield, Wisconsin.

Company Profile William Penn Bancorporation (Get a rating)

William Penn Bancorporation logoWilliam Penn Bancorporation operates as a holding company for William Penn Bank which provides retail and commercial banking products and related financial services in the United States. The company offers term, savings and demand deposits; certificates of deposit; and checking, money market, savings and club, and individual retirement accounts. It also offers residential and commercial real estate for investors with one to four families, non-residential real estate, multi-family residences, commercial enterprises and consumers, residential and commercial construction and land loans, as well as loans home equity and lines of credit. credit, small business administration loans and CDARS. Additionally, the company offers business credit cards, mobile deposits, debit cards, safe deposit boxes, money orders, wire transfers; and notary public, night deposit and cash management services, as well as online, telephone and mobile banking. It serves individuals, businesses and government customers. The company offers its services through twelve full-service branches in Bucks and Philadelphia counties, Pennsylvania; and Burlington and Camden Counties, New Jersey. William Penn Bancorporation was founded in 1870 and is headquartered in Bristol, Pennsylvania.



Get news and reviews for 1895 Bancorp of Wisconsin Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for 1895 Bancorp of Wisconsin and related companies with MarketBeat.com’s FREE daily newsletter.

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BANCSHAR FARMERS AND MERCHANTS – GuruFocus.com https://ohcdphila.org/bancshar-farmers-and-merchants-gurufocus-com/ Fri, 24 Jun 2022 00:28:56 +0000 https://ohcdphila.org/bancshar-farmers-and-merchants-gurufocus-com/ Hampstead, Maryland, May 24, 2022 (GLOBE NEWSWIRE) — – The Boards of Directors of Farmers and Merchants Bancshares, Inc. (the “Company”) and Farmers and Merchants Bank (the “Bank”) announce that Gary A. Harris was chosen as the next president and CEO. Mr. Harris will replace James R. Bosley, Jr. who announced in January that he […]]]>

Hampstead, Maryland, May 24, 2022 (GLOBE NEWSWIRE) — – The Boards of Directors of Farmers and Merchants Bancshares, Inc. (the “Company”) and Farmers and Merchants Bank (the “Bank”) announce that Gary A. Harris was chosen as the next president and CEO. Mr. Harris will replace James R. Bosley, Jr. who announced in January that he would retire at the end of 2022. The board conducted an extensive search with the assistance of Kaplan Partners, a recruitment firm executives based in Philadelphia. The search spanned the entire East Coast as bankers from Atlanta to Boston were interviewed. Mr. Harris will only be the fifth president in the Bank’s 102-year history.

Mr. Harris’ banking career began in 1990. He joined the Bank in 2008 as Vice President – ​​Corporate Services. In 2016, he was promoted to Senior Vice President – ​​Business Banking. In 2021, he was promoted to Executive Vice President – ​​Chief Loan Officer. During his 14-year career at the Bank, Mr. Harris was consistently one of the Bank’s top producers. He currently sits on the Executive Committee, Strategic Growth Committee, Asset Liability Committee and Executive Loans Committee. He holds a bachelor’s degree in economics from Towson State University.

Mr. Harris will become President of the Company and the Bank effective July 1, 2022. Mr. Bosley will remain the Chief Executive Officer of the Company and the Bank until his retirement on December 31, 2022. On January 1, 2023, Mr. Harris to become President and Chief Executive Officer of the Company and the Bank.

Bruce Schindler, Chairman of the Company’s and Bank’s Boards of Directors, said, “After extensive research, the Board is very confident in its selection of Gary Harris as its next Chairman. Mr. Harris demonstrated strong leadership qualities while being one of the Bank’s top producers for many years. The board looks forward to working with him.

About the company

The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 102 years of service to the community. The Bank serves the deposit and financing needs of consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140 and Route 26 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster and Eldersburg. Farmers and Merchants Bancshares, Inc. common stock is traded by certain broker-dealers and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

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Beech has been celebrating neighborhood transformation for over 30 years | Local News https://ohcdphila.org/beech-has-been-celebrating-neighborhood-transformation-for-over-30-years-local-news/ Tue, 21 Jun 2022 21:03:00 +0000 https://ohcdphila.org/beech-has-been-celebrating-neighborhood-transformation-for-over-30-years-local-news/ Three decades ago, the Cecil B. Moore Avenue shopping corridor was little more than shuttered storefronts with a few mom-and-pop shops dotted here and there, remnants of the 1960s riots. The surrounding area had abandoned houses and empty lots filled with trash. Nonetheless, Beech Companies tried to convince North Philadelphia banks, businesses, landlords and stakeholders […]]]>

Three decades ago, the Cecil B. Moore Avenue shopping corridor was little more than shuttered storefronts with a few mom-and-pop shops dotted here and there, remnants of the 1960s riots.

The surrounding area had abandoned houses and empty lots filled with trash.

Nonetheless, Beech Companies tried to convince North Philadelphia banks, businesses, landlords and stakeholders like Temple University that now was the time to invest.

Today, there is a movie theater, retail businesses, and a multi-million dollar apartment complex at the intersection of Broad and Cecil B. Moore Avenue; a block away on North Broad Street is the redeveloped $17 million Progress Plaza, the nation’s oldest black-owned mall; across from Progress Plaza is Temple’s Morgan Hall, a 24-story student residence with a food court on the first floor.

Now surrounding these developments, once vacant lots and derelict buildings have been replaced with vibrant neighborhoods, including approximately 1,200 newly built single-family homes.

On Cecil B. Moore Avenue, from Broad to 20th Street there are clusters of vibrant shops, restaurants and commercial buildings and apartment buildings, such as the Beech International House and a headquarters for Allied Universal Security Services.

The developments have served as an economic engine for the community, providing jobs and opportunities for small businesses in the neighborhood.

“We are here to provide service to the community,” said Kenneth Scott, President and CEO of Beech. “We are very proud to have mobilized over $2.3 billion in community programs and projects, thousands of homes. We have also awarded grants to non-profit organizations and scholarships.

On Monday, Beech celebrated his 30th birthday at Vie by Cescaphe – two years later than originally planned due to the COVID pandemic.

“We’ve come full circle as a foundation,” Scott said. “I’m proud to be a part of it, but it’s really a celebration of all the partnerships and everyone who has helped us move forward.”

Beech Companies consists of several different entities, Beech Interplex, a community development company; Beech Business Bank, which lends to small businesses; the Alston-Beech Foundation, which provides grants to small businesses; the Beech Scholarship Fund, which provides scholarships to students in the neighborhood; and Beech Community Services, which serves as a liaison between residents, the business community and institutions like the Philadelphia Police Department.

Inspector Altovise Love-Craighead, commander of the police department’s community affairs division, said she first became aware of Beech in 2017.

“They’re great community connectors,” Love-Craighead said. “I always say the Philadelphia Police Department is a place of great community relations. But they are just as much. They have their arms all over the community and this allows us to reach out and connect with different people and organizations. I am delighted to celebrate with them.

Beech and the 22nd Police District host community back-to-school events for neighborhood youth and facilitate meetings between residents and the district about community concerns.

Cherrill Wilson, senior associate director at the Temple Small Business Development Center, said her agency has been involved with Beech since 2004.

“We were able to partner with them to help small businesses and grow community partnerships in the area,” Wilson said. “Knowing Ken Scott and his team, they have done a great job in the community. I’m so proud of them and happy to be part of this celebration.

Louis Massiah, executive director of the Scribe Video Center in West Philadelphia, which teaches community residents video and media skills, said Beech is important as a North Philadelphia institution focused on resident health. long term..

“It’s remarkable that they stayed true to their purpose,” he said.

At-Large Councilman Derek S. Green said he was delighted to attend the celebration.

“For over 30 years, Beech has done a phenomenal job, not just in North Philadelphia, but throughout the city,” Green said. “We need more organizations like Beech.”

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From community banking to community development https://ohcdphila.org/from-community-banking-to-community-development/ Sat, 18 Jun 2022 23:53:06 +0000 https://ohcdphila.org/from-community-banking-to-community-development/ Juneteenth is a day like no other. It is both a celebration of freedom and a reminder of the work that remains to be done to create a more equitable society. So, as we celebrate Juneteenth this year, now is the time to harness what unites us and help bring about change that benefits all […]]]>

Juneteenth is a day like no other. It is both a celebration of freedom and a reminder of the work that remains to be done to create a more equitable society. So, as we celebrate Juneteenth this year, now is the time to harness what unites us and help bring about change that benefits all communities.

Taking action that focuses on racial equity, as well as diversity and inclusion, requires collaboration and building trust in the community. JPMorgan Chase is helping drive lasting change through its five-year, $30 billion Racial Equity Pledge. With a business-led approach, this commitment aims to help address key drivers of the racial wealth divide in Black, Latino and Hispanic communities by investing directly.

Since its launch in October 2020, we have deployed or committed over $18 billion toward our $30 billion goal. To sustain this progress, we need to measure this effort and listen to feedback so we can have an even greater impact in closing the wealth gap.

Here are some of the progress we have made in our commitment while working alongside our community partners across the country so far:

  • Helped homeowners save money on their monthly mortgage payments by refinancing 19,000 of our goal of 20,000 additional loans
  • Funding approved for approximately $13 billion in loans to help create and preserve more than 100,000 affordable housing and rental units across the United States
  • We’ve expanded our homebuyer grant program to $5,000 to help with the down payment and closing costs
  • Helped customers open over 200,000 low-cost checking accounts with no overdraft fees
  • Spent an additional $155 million with 140 Black, Hispanic, and Latino vendors
  • Invested more than $100 million in equity in 15 diverse financial institutions that serve more than 89 communities in 19 states and the District of Columbia
  • Coaching over 1,000 Black, Hispanic, and Latino small businesses

Create community impact

At the heart of our business is the branch of the local community bank. But a local bank branch, especially in underserved neighborhoods, can only be successful if it meets the needs of the community. That’s why, over the past few years, we’ve changed our approach from community banking to ‘community building’ – a grassroots approach to better meet the needs of our local communities.

Our community center branches are the most tangible symbols of our commitment to community development, as they were created to be a unique space in the heart of urban communities that hosts grassroots community events, small business mentoring sessions and financial health seminars.

Currently we have 12 community center locations in neighborhoods like Oakland, Stony Island on Chicago’s South Shore, Crenshaw in Los Angeles, and Wards 7 and 8 in Washington, D.C.

We will continue to add these Community Center branches in underserved communities in Miami, Atlanta, Baltimore, Philadelphia and Tulsa by the end of this year. We also upgraded over 300 existing branches, to now include spaces the community can use to help expand access to banking services and build financial health and inclusion among Black, Hispanic and Latino communities. .

A more diverse workforce

Creating lasting impact is as much about the people we hire as the programs we run. More diverse teams will allow us to generate better ideas and better results, benefit from a stronger corporate culture and deliver a more transformational banking experience to our customers.

Despite the pandemic and talent retention challenges, we continue to strengthen our representation, especially with women and people of color.

We want our branches to represent the neighborhoods they serve, which is why we continue to hire from our local communities. During this time, we have hired more than 300 people in community-focused positions: nearly 150 community managers, 150 community mortgage advisors, as well as 25 senior business consultants.

The Community Center Manager, in particular, is a new role within the bank whose primary job is to serve as local ambassadors to build trust and nurture relationships with community leaders, nonprofit partners and small enterprises.

Over the past year, our community managers hosted over 1,300 community events reaching over 36,000 people nationwide with discussions ranging from ways to increase homeownership to how to create wealth and generational stability.

As we celebrate June 19 this year, we are reminded of the promise and hope of the future.

We are committed to ensuring that you have the resources you need to own a home, start a business, save for college – or achieve any other goal or dream. We look forward to working together and continuing to create a lasting impact for your community and your family for years to come.

JPMorgan Chase & Co Sponsored Content

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Xactus Appoints Michael Crockett as Chief Data Officer | Company https://ohcdphila.org/xactus-appoints-michael-crockett-as-chief-data-officer-company/ Tue, 14 Jun 2022 14:12:12 +0000 https://ohcdphila.org/xactus-appoints-michael-crockett-as-chief-data-officer-company/ PHILADELPHIA–(BUSINESS WIRE)–June 14, 2022– Xactus, the leading verification innovator for the mortgage industry, today announced that Michael Crockett has been appointed to the newly created position of Chief Data Officer. This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20220614005742/en/ Xactus appoints Michael Crockett (pictured) as chief data officer. (Photo: BusinessWire) Crockett will […]]]>

PHILADELPHIA–(BUSINESS WIRE)–June 14, 2022–

Xactus, the leading verification innovator for the mortgage industry, today announced that Michael Crockett has been appointed to the newly created position of Chief Data Officer.

This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20220614005742/en/

Xactus appoints Michael Crockett (pictured) as chief data officer. (Photo: BusinessWire)

Crockett will develop and manage the data strategy for Xactus, including data-related functions such as data management, data science and the continued advancement of data innovation.

“Michael is a reliable and valued member of our team and is well qualified to lead in this critical area. This role was established to manage one of our most valuable strategic assets: our data. With Michael at the helm, I am confident that our efforts to continually expand and strengthen our data offering will help lenders close more loans faster and demonstrate our unparalleled commitment to their success,” said Perry Steiner, President and CEO of Xactus.

Shelley Leonard, President of Xactus, added, “Applying cutting-edge data engineering innovations and techniques will be integral to the strategic advancement of our data and analytics capabilities. Michael will help create data experiences that automate and accelerate key steps in the mortgage process. I’m excited to see how he and his team will influence our quest to build the modern mortgage.

As Chief Data Officer, Crockett is responsible for providing strategic direction around Xactus’ data strategy, developing new data analytics capabilities and products, and working closely with the technology team to expand the power of Xactus’ data and analytics offerings. With nearly 25 years of experience, Crockett brings an abundance of expertise and leadership to his position. Crockett was previously Executive Vice President of Data Solutions at Xactus and served as Executive Vice President of Product Development at Credit Plus prior to the company’s acquisition by Xactus in September 2021. Crockett joined Credit Plus in 2013 to create its QA/QC division. Previously, he held several senior executive positions at a national mortgage information company, including senior strategic executive and executive vice president of operations. He sits on the board of the Consumer Data Industry Association and oversees and manages all of Xactus’ mortgage industry collaborations/cooperatives, including The Mortgage Collaborative, Lenders One and Capital Markets Cooperative. He has also served on several advisory boards for mortgage industry associations and credit reporting agencies. Crockett holds a BS in accounting from Stephen F. Austin State University.

“I am excited to scale up and take broader ownership of our data and analytics initiatives across Xactus,” said Crockett. “I know data solutions are critical to the continued transformation of the industry and I am grateful to be in a position where I can have a meaningful and positive impact.”

Xactus is comprised of the merged family of companies which includes Credit Plus, Universal Credit Services, CIS Credit Solutions, Avantus and DataFacts Lending Solutions.

About Xactus

Xactus is the leading verification innovator for the mortgage industry. The company has more than 6,500 customers ranging from the largest bank and non-bank mortgage originators to credit unions and mortgage brokers. With 12 operations centers in the United States, Xactus works closely with its customers to digitally integrate a 360° approach to verifications into their workflows. As a result, lenders can easily access the technology needed to meet consumer demands for a modern mortgage experience with industry-leading speed, reliability and accuracy, while closing more loans faster with greater profitability. For more information, please visit https://xactus.com/.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220614005742/en/

CONTACT: Amy Hansen

amy@seroka.com

414.520.5680

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY CONSTRUCTION & REAL ESTATE FINANCE PROFESSIONAL SERVICES SOFTWARE DATA ANALYSIS OTHER CONSTRUCTION & REAL ESTATE DATA MANAGEMENT RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Xactus

Copyright BusinessWire 2022.

PUB: 06/14/2022 10:10 a.m. / DISC: 06/14/2022 10:12 a.m.

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Puerto Rican National Day Parade Returns to Fifth Avenue | Watch live on ABC13’s 24/7 live stream https://ohcdphila.org/puerto-rican-national-day-parade-returns-to-fifth-avenue-watch-live-on-abc13s-24-7-live-stream/ Sun, 12 Jun 2022 16:07:30 +0000 https://ohcdphila.org/puerto-rican-national-day-parade-returns-to-fifth-avenue-watch-live-on-abc13s-24-7-live-stream/ NEW YORK CITY (KTRK) — The 65th annual Puerto Rican National Day Parade is making a comeback in New York City after the COVID-19 pandemic impacted the festivities for the past two years. On Sunday, the nation’s biggest display of cultural pride rolls up New York’s Fifth Avenue from 43rd to 79th Street, it’s now […]]]>
NEW YORK CITY (KTRK) — The 65th annual Puerto Rican National Day Parade is making a comeback in New York City after the COVID-19 pandemic impacted the festivities for the past two years.

On Sunday, the nation’s biggest display of cultural pride rolls up New York’s Fifth Avenue from 43rd to 79th Street, it’s now underway.

You can watch the parade on ABC13’s 24/7 live stream in the video player above.

The celebration will be broadcast live on ABC13’s live stream 24/7, it is now underway, and the parade will also be broadcast on ABC affiliate station in Puerto Rico, Telecinco (Channel 5), and on the station’s free news and connected TV apps on Amazon FireTV, Android TV, Apple TV, and Roku.

The Parade Scholarship Gala fundraiser was held Saturday night at the Central Park Zoo.

Since 2014, the Parade Scholarship Program has awarded over $1.2 million to Puerto Rican students.

Learn more here in this press release from the parade organizers and visit them at nprdpinc.org.

US Secretary of Education Miguel Cardona will serve as grand marshal.

Cardona, the 12th U.S. Secretary of Education, has dedicated his career to serving students, educators, and families as an elementary teacher, school principal, district administrator, and most recently as a commissioner. to Connecticut State Education.

His focus on equity and excellence for all learners has guided his work at all levels of the education sector, and he has led the federal government’s efforts to help states reopen America’s public schools for the first time. in-person learning amid the pandemic recovery — going from just 46% of schools open when President Joe Biden took office to nearly 100% of schools open today.

Under his leadership, the U.S. Department of Education also distributed historic funding through the U.S. Bailout to support K-12 schools and colleges and awarded more than $13 billion in rebates. student loan.

Cardona earned a bachelor’s degree from Central Connecticut State University as well as a master’s and doctoral degree from the University of Connecticut. He and his wife Marissa are the proud parents of two children who attend public school.

The NPRDP celebrates its 65th anniversary
The 2022 parade will be dedicated to the Municipality of Cidra and the Puerto Rican community of the Greater Philadelphia area.

On Sunday, June 12, the NPRDP will celebrate 65 years of showcasing the best of Puerto Rican culture, achievement and heritage with music, dance and colorful displays of cultural pride in front of approximately 1.5 million spectators. After a two-year hiatus due to COVID-19, the National Puerto Rican Day Parade (NPRDP) Board of Directors announces details of its grand return to New York’s Fifth Avenue. The NPRDP serves to unite approximately 8 million Puerto Ricans living in all 50 states and Puerto Rico in cultural pride and tradition.

“This is a pivotal year for the Parade, and our return to Fifth Avenue is another sign that NYC and the Puerto Rican community are strong, resilient and as vibrant as ever,” said NPRDP Chairman of the Board. , Louis Maldonado. “The NPRDP Board of Directors invites all Boricuas from the New York area, Puerto Rico and throughout the patria extendida (diaspora) to join us on June 12 to exclaim ¡WEPA! and sing ‘Qué bonita bandera’, as we have been doing for the past 64 years.”

Over the past two years, the NPRDP Board of Directors has continued the annual tradition by moving to smaller processions on Fifth Avenue and 2-hour television specials airing on ABC7 in New York and Telecinco in Puerto Rico. , which helped the Puerto Rican community celebrate virtually. Groups interested in participating in the 2022 parade should visit the “Floats & Contingents” page on the parade’s website, NPRDPinc.org/floats, for details and instructions for completing an online application. All contingents and tanks must have cultural elements as part of their display.

The 2022 parade will be dedicated to the Municipality of Cidra, Puerto Rico. Known as the Pueblo de la Eterna Primavera (City of Eternal Spring), Cidra is located in the central and mountainous region of the island and is home to around 40,000 cidreños. The honored community in the United States will be the Greater Philadelphia area, home to more than 250,000 Puerto Ricans living in communities in Philadelphia, Berks and Lancaster counties in Pennsylvania; as well as Camden, Atlantic and Cumberland counties in New Jersey and Wilmington, Delaware. Additional themes, tributes and individual winners for the 2022 celebration will be announced over the coming weeks.

The NPRDP Board of Directors thanks the following sponsors and media partners for their support in making the 65th Annual Celebration possible: Manhattan Beer Distributors and The Walt Disney Company.

ABC7 New York, Verizon Wireless, SEIU 1199, Miranda Family Foundation, Mets Foundation, The Coca-Cola Company, Acacia Network, City University of New York, HBO Max, Pepsico, Popular Bank, Pfizer, Liberty Coca-Cola, NBC4 and Telemundo New York, Univision, Door Dash, Montefiore, Rainbow Apparel and MetroPlus Health.

Fundraising gala for the NPRDP scholarship program
On Saturday, June 11, the NPRDP hosted a fundraising gala at the Central Park Zoo in support of the NPRDP scholarship program. Since 2014, the NPRDP has awarded over $1.2 million to Puerto Rican students going to college. The Fundraising Gala brings together award winners, community leaders, elected officials and corporate sponsors to celebrate Puerto Rican achievements while supporting students in pursuit of higher education. Proceeds from gala ticket sales will benefit the NPRDP scholarship program.

In addition to the gala, the NPRDP is using technology to raise funds for its scholarship program through a collaboration with Mowsse, one of the first independent digital marketplaces for crypto collectibles and non-fungible tokens (NFTs). Mowsse selected the National Puerto Rican National Day Parade Scholarship Fund as its first philanthropic investment.

Copyright © 2022 KTRK-TV. All rights reserved.

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Stock prices deflate on inflation reports https://ohcdphila.org/stock-prices-deflate-on-inflation-reports/ Sat, 11 Jun 2022 04:02:20 +0000 https://ohcdphila.org/stock-prices-deflate-on-inflation-reports/ (Friday market close) Stocks sold off sharply after the worrying May inflation report sent the S&P500 (SPX) down 2.91% to its monthly lows near 3,900. If SPX falls to this level, it will be in a full-fledged bear market. Other major indices didn’t hold up much better. The Nasdaq Compound ($COMP) plunged 3.52% and the […]]]>

(Friday market close) Stocks sold off sharply after the worrying May inflation report sent the S&P500 (SPX) down 2.91% to its monthly lows near 3,900. If SPX falls to this level, it will be in a full-fledged bear market. Other major indices didn’t hold up much better. The Nasdaq Compound ($COMP) plunged 3.52% and the Dow Jones Industrial Average ($DJI) fell 2.73%.

Behind the chaos was warmer-than-expected consumer price index (CPI) data from May, revealing that inflation had jumped 1% in the previous four weeks, exploding up 0.7 % predicted by analysts and eclipsing April’s 0.3% gain.

Higher inflation spread across all metrics, with increases in gasoline, housing and food leading the way. The CPI energy index rose 3.9% during the month, mainly due to the 4.1% rise in gasoline prices during the month. The house index rose 1.4% and the food index climbed 1.2%. Core inflation, which excludes more volatile elements such as energy and food, nevertheless rose by 0.6% in May against 0.5% expected.

Many analysts were wondering at the close whether the Federal Reserve could bypass next week’s plan for a 50 basis point rate hike and go higher.

Signs of a hoped-for spike in inflation in today’s numbers were nowhere to be found. On an annual basis, inflation rose to 8.6% year-on-year, well above the forecast of 8.3%. Core annual inflation came in at 6% instead of the forecast 5.9%.

With inflation now at another 40-year high, the consumer is feeling real stress as real incomes – inflation-adjusted incomes – fell 3% for the month.

Further evidence came from the University of Michigan’s monthly consumer sentiment survey later in the day. The flagship report slipped to an all-time low in June of 50.2, well below a consensus reading of 59 reported earlier by the the wall street journal.

Digging into the report, the Michigan figures, subject to further revision, reveal that consumers are particularly concerned about the continued rise in inflation. A possible reset in consumer spending could explain why the consumer staples sector remained in the green most of the day. But even consumer staples were not immune to selling through the close and also ended the day in the red.

Business confidence may also erode as Bank Index PHLX KBW plunged 4.34%. A weak consumer and higher borrowing costs are likely to reduce business investment, which translates into lower lending revenues for banks. Of course, we have also seen the housing market start to deteriorate over the past few months. Mortgage applications have fallen in 12 of the past 15 weeks and are around a third of what they were at their peak in February 2021.

The 10-year Treasury yield (TNX) jumped 12 basis points to 3.16%. The 2-year Treasury yield rose 23 basis points to 3.05%. CME tool FedWatch now forecasts a high probability of a 50 basis point hike at next week’s Fed meeting as well as in July, September and November. Rising yields pushed risk assets lower with Russell 2000 (RUT) down 2.73% and S&P 500 Pure Growth Index tumbling 3.95%

The tech sector has been battered from many sides by inflation, a weaker consumer, rising rates and Goldman Sachs (GS) analyst downgrade netflix (NFLX), Roblox (RBLX), and eBay (EBAY) to a seldom-used sell rating. Additionally, the pandemic-related lockdowns just reported in Beijing and Shanghai are likely to hurt tech production.

CHART OF THE DAY: GREAT CYCLE. The S&P GSCI ($SPGSCI—candlesticks) tracks a representative sample of commodities. The S&P 500 (SPX—pink) fell more than 50% the last time commodities hit these levels. Over the past two years, the commodities index has shown some relative strength (green) against the S&P 500. Data sources: ICE, S&P Dow Jones indices. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.

SuperCycle

In today’s CPI report, people are again talking about the commodity super cycle. This is a period when commodity prices rise and tend to weigh on economic growth. The last commodity super cycle took place in the 2000s and caused the S&P500 (SPX) to stay below the 1,500 level from 2000 to 2013. Another super cycle took place in the 70s when the S&P 500 traded sideways for almost two decades. Of course, that doesn’t mean the S&P 500 will do the same this time around.

Jeff Currie, global head of commodities research at Goldman Sachs, identified three factors that could fuel a commodity super cycle, including decarbonization or a focus on green energy, deglobalization, and decades easy money policies. Until these issues are addressed, commodity prices are likely to rise and inflation will continue to be a drag.

June 13: Oracle Earnings (ORCL)

June 14: Producer Price Index (PPI)

June 15: Retail sales, FOMC interest rate decision

June 16: Building Permits, Housing Starts, Philadelphia Fed Manufacturing Index and Earnings from Adobe (ADBE), Kroger (KR)

June 21st: Sales of existing houses

Image from Unsplash

TD Ameritrade® Commentary for educational purposes only. SIPC member.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investment advice.

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