Moody’s Upgrades Montgomery County’s Bond Rating Outlook To ‘Stable’

NORRISTOWN, PA – Moody’s Investor Service upgraded the county’s bond rating outlook from “negative” to “stable” on Monday, according to a press release.

The county is expecting to refund $25.6 million in outstanding bonds in the coming weeks and had its rating “affirmed” to an Aa1 rating, according to the release sent out Monday afternoon.

“With the upgrade, Moody’s is recognizing the remarkable turnaround in the fiscal situation in Montgomery County,” commissioners’ Chairman Josh Shapiro said in the press release.

Read more:

http://www.timesherald.com/general-news/20150317/moodys-upgrades-montgomery-countys-bond-rating-outlook-to-stable

As Banking Goes Mobile, Branch Closures Rip Through Local Economy

Phil Arlia has been dispensing medication in Pitcairn since 1968, but he was more than a pharmacist.

He was a kind of banker.

“We always had a courtesy of cashing customers’ paychecks, state checks, any kind of check,” said Arlia, owner of Phil’s Pharmacy on Broadway Boulevard.

But he stopped cashing checks when the borough’s only remaining bank, a Citizens Bank branch, closed last March. Arlia no longer had fast access to cash to replenish his register when it got low.

The branch closure made it more difficult for Pitcairn residents to access cash to spend at local businesses.

Read more: http://triblive.com/business/headlines/7501236-74/bank-branch-banking#ixzz3QcH1zOMS
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5 Important Questions About BB&T’s Purchase Of Susquehanna Bancshares

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

As LancasterOnline reported Wednesday, Lititz-based Susquehanna Bancshares is being bought by North Carolina banking company BB&T.

So what does that mean if you’re a Susquehanna customer?

Here are five important questions and answers about the $2.5 billion deal.

Q: What happens to Susquehanna’s 245 banking offices in Pennsylvania, Maryland, New Jersey and West Virginia, including the 30 offices in Lancaster County?

A: All Susquehanna branches will be retained, although they will be renamed BB&T. No branches are being closed because the Susquehanna and BB&T branch networks do not overlap.

Read more: http://lancasteronline.com/news/local/important-questions-about-bb-t-s-purchase-of-susquehanna-bancshares/article_cb08e0b2-6b3d-11e4-9d29-bff9821ae372.html

Moody’s Upgrades Pittsburgh’s Bond Credit Rating

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

Moody’s Investors Service upgraded Pittsburgh’s bond rating outlook from stable to positive Thursday, which Mayor Bill Peduto called a sign of improved financial health.

“The positive outlook reflects the steps the city has taken to reduce its long-term liabilities,” Moody’s wrote.

Along with the outlook upgrade, Moody’s affirmed its A1 rating on approximately $530 million in outstanding general obligation debt.

Standard & Poor’s ratings agency this week announced it is maintaining the city’s A+ bond rating, city officials said.

Read more: http://triblive.com/news/allegheny/6582680-74/peduto-plan-rating#ixzz39oyVSUz9
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Fiscal Board Approves Philadelphia’s 5-Year Plan

English: This is my own work, Public Domain Photograph, not copyrighted Ed Yakovich http://www.flickr.com/photos/10396190@N04 (Photo credit: Wikipedia)

Philadelphia’s finances are improving and are likely to continue doing so through 2019.

The Pennsylvania Intergovernmental Cooperation Authority (PICA) board made that optimistic determination Monday when it unanimously approved the city’s five-year plan.

The city’s fiscal overseers cautioned, however, that various risks were still associated with the Nutter administration’s long-term budget, including unresolved labor contracts, the School District’s fiscal crisis, and the pension fund.

Despite its concerns, PICA staff found enough good news in the five-year plan and in its most recent revenue reports to endorse that administration’s fiscal road map to 2019. So did the City Controller’s Office. Both the staff and the controller had recommended the opposite last year, for the first time in PICA’s history.

Read more at http://www.philly.com/philly/news/20140722_PICA_likes_Phila__s_5-year_plan.html#qRukpGb4zKGUI7xu.99

What The Avenue Of The Arts Has Meant To Center City Philadelphia Real Estate

English: The Ritz-Carlton Philadelphia. (Photo credit: Wikipedia)

Banks moved out, theaters moved in, and – if the price of real estate in the neighborhood is any sign – things got a lot better around South Broad Street after the birth of the Avenue of the Arts.

Back in 1993, Peter C. Soens recalls, he sold the former Girard Bank building at Broad and Chestnut Streets, now home to the Ritz-Carlton, for $2 million.

Soon afterward, Soens, a partner at the commercial building broker and manager SSH Real Estate, sold One East Penn Square, across from City Hall, for $2.1 million.

By contrast, Soens said recently, “last year, 260 S. Broad St., a similar-sized building, also basically empty, sold for $27.5 million.” The buyer, Post Bros., says it will convert the former Atlantic office building to apartments.

Read more at http://www.philly.com/philly/business/20131028_What_the_Avenue_of_the_Arts_has_meant_to_city_real_estate.html#A0AAAizI3Fxq8j78.99

Former Pottstown Personal Banker Jailed For Stealing From Elderly Clients

NORRISTOWN — A former personal banker at a Pottstown financial institution is headed to prison after admitting to engaging in a scheme to steal money from six elderly female clients.

Jon Dugan, 30, formerly of the 500 block of Douglass Drive, Douglass (Berks), and most recently of Township Line Road, Royersford, was sentenced in Montgomery County Court on Friday to five-to-23 months in the county jail, to be followed by five years’ probation, after he pleaded guilty to multiple charges of theft by deception in connection with incidents that occurred while he worked for the Wells Fargo Bank branch, 1470 E. High St., between June and August 2011.

Judge Gary S. Silow also ordered Dugan to pay $7,671 in restitution to the bank.

Dugan must report to jail on July 26 to begin serving the sentence.  Dugan is eligible for a jail work-release program during his incarceration.

Read more:  http://www.pottsmerc.com/article/20130719/NEWS01/130719179/former-pottstown-personal-banker-jailed-for-stealing-from-elderly-clients#full_story

Montgomery County Quarterly Report Indicates Generally Favorable Outlook

Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)

NORRISTOWN — Chief Financial Officer (CFO) Uri Monson’s quarterly report highlighted a couple key points — the first time the county’s fund balance grew at all since 2007 and the first Annual Required Contribution (ARC) to the pension fund since the same year.

Details were laid out during Thursday morning’s bi-monthly meeting of the Montgomery County Board of Commissioners.

“Based on the Q1 revenue results, the county now projects to have an annual operating surplus for the year of over $2.6 million, on top of the nearly $2.6 million in reserves set aside to grow the fund balance,” said Monson.

“This would mark the first year-over-year increase in the fund balance since 2007.”

Read more:  http://www.timesherald.com/article/20130419/NEWS01/130419441/county-quarterly-report-indicates-generally-favorable-outlook#full_story

Healthy Lifestyles EXPO – POTTSTOWN

Location of Pottstown in Montgomery County (Photo credit: Wikipedia)

Healthy Lifestyles EXPO

Friday, April 20, 9:30am-1:30pm

Montgomery County Community College, West Campus

101 College Drive, Pottstown

Sponsored by State Representative Quigley’s Office, Montgomery County Community College, the Mercury, & TriCounty Community Network.

 http://www.repquigley.com/healthy_lifestyles.aspx

EXPO Workshops for Seniors & Caregivers

Presented by the TCN CARE & Environmental Awareness Programs

10:00am – 10:30am	Saving Money with Medicare  Presenter: Virginia Cox, Boyertown Area Multi-Service
10:30am – 11:00am	Elder Law & Guardianship Presenter:  Robert Slutsky, Robert M. Slutsky Associates
11:00am – 11:30am	Senior Living Options Presenters:  Stacey Petroff, Home Instead Senior Care Shirlee Barlow, Columbia Cottage Assisted Living
11:30am – 12:00pm	Financial Needs of the Older Adult Presenter:  Charles Delaney, Aging & Adult Services of Montgomery County
12:00pm – 12:30pm	Veteran’s Affairs Benefits Presenter:  Kathy Martin, O’Donnell, Weiss & Mattei
12:30pm – 1:00pm	How to Make a Family Emergency Preparedness Plan Presenter:  Dr. Lewis Cuthbert, Alliance for a Clean Environment

Corbett Signs Legislation To Allow Harrisburg Financial Takeover

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Pennsylvania Governor Tom Corbett has signed legislation that will allow a state takeover of Harrisburg’s financial affairs. The capital of Pennsylvania is drowning in debt from a failed retrofit of the city’s incinerator.  Harrisburg is over $300 million in debt. 

Harrisburg was accepted into the Act 47 Program for financially distressed municipalities but City Council failed to authorize the recommendations made by the Act 47 team.  Neither was the city able to come up their own plan to emerge from certain bankruptcy.  

Disgusted with the inability of city leadership to move forward, Pennsylvania State Senator Jeff Piccola introduced legistion to allow the Commonwealth of Pennsylvania to take control of Harrisburg’s finances.  This legislation was signed by the governor this morning.

Dollar General: Recession Success Story – Expanding In 2011

Dollar General Corporation of Goodlettsville, TN is actually thriving during the recession.  Unlike many businesses, Dollar General is expecting to hire 6,000 new employees and open 625 new stores this year.  I doubt we will be seeing many other chains announcing such large-scale expansion plans for 2011.

Dollar General operates 9,200 stores in 35 states.  The expansion will add three more states to that list.  Residents of Nevada, New Hampshire and Connecticut will soon be getting stores near them!

The Pottstown area has two Dollar General stores located in the North End Shopping Center and Stowe Crossing.

Citizen’s Bank To Abandon Downtown Norristown – Will Leave Huge Empty Building

Citizen’s Bank is not renewing their lease in a large downtown Norristown commercial building, leaving borough and county officials scrambling to find a new tenant!

http://eyescoop.blogspot.com/2010/12/citizens-bank-withdrawing-from.html

What Can Pottstown Learn From Scranton?

This is certainly news we do not read about often!  Scranton City Council unanimously adopted a $74.9 million dollar budget that features a 10.55% property tax decrease AND a 25% decrease in mercantile and business privilege taxes.  The budget restores 44 of 69 positions which had previously been recommended to be cut. 

Mayor Chris Doherty submitted a $75.5 million dollar budget to council in November which included 69 jobs being eliminated.  Mayor Doherty has until December 24^th to act of council’s $74.9 million dollar budget.  Council has a veto-proof majority so any attempt to veto the budget by Mayor Doherty would be symbolic.

Scranton, PA                                        Pottstown, PA

Population – 71,944   2009 estimate                Population – 21,421   2009 estimate

Land area – 25.2 square miles                          Land area – 4.83 square miles

2011 Budget – $74.9 million dollars                2011 Budget – $39.3 million dollars

Police – 150 officers                                         Police – 47 officers

Est. 2008 median income – $32,794                Est. 2008 median income – $45,941

Est. 2008 per capita income – $19,034            Est. 2008 per capita income – $24,044

City-data crime index 2009 – 306.7                City-data crime index 2009 – 454.7

After carefully reflecting on the above figures some questions may develop.

How does a city 3 1/2 times our size (population) and 5 times our size in land area have a lower crime rate with less police per 1000 people?

How does a city 3 1/2 times our size have a budget less than twice as big?

How does a less affluent city in terms of median and per capita income reduce property taxes 10.55% and reduce business taxes 25%?

Any thoughts?????

Demographic information from City-data.com

Wilmington Trust Sold To M&T Bank

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Yet another local bank is being gobbled up by a larger one.  Wilmington Trust has been purchased, at a very discounted rate, by M&T Bank after being bailed out in 2008 by the federal government.

Wilmington Trust made a profit every year from 1903 to 2008 when they lost their proverbial shirt on construction loans.

For those of you who like trivia, M&T Bank and First Niagara Bank are both Buffalo, NY based banks and have recently purchased Philadelphia area banks.

Once the sale goes through next summer, Wilmington Trust branches will be renamed and M&T Bank will become Delaware’s largest bank (deposits).

Core Communities in Crisis Task Force Issues Dire Warning About Pennsylvania Cities

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Some somber news for Friday!

The Pennsylvania League of Cities and Municipalities Core Communities In Crisis Task Force met at Albright College for their third and last session.  Allentown Mayor Ed Pawlowski told the group on Thursday that “our cities will start to topple like dominos in five to ten years.”  Reading’s Mayor, Tom McMahon, was less optimistic stating he predicts two to three years.

The task force calls for systemic reform via the state Legislature for such items as public pension plans and labor contract laws.  Archaic codes, inflexible taxing structures, mandated personnel benefits and rising costs are placing huge burdens on cities and municipalities across Pennsylvania. 

Reading Mayor Tom McMahon asked the question, “How much more can we extract from people?”  Pottstown feels your pain.  Many here are asking the same question!