Refinancing Deadline Extended Third Time For Lancaster County Convention Center

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

For the third time, the deadline for the refinancing of the Lancaster County Convention Center’s debt has loomed and for the third time the deadline has been extended.

On Thursday, board members of the Lancaster County Convention Center Authority approved a 120-day extension of the terms of the $64 million debt agreement. The September 3 deadline was extended to January 2.

County Commissioner Scott Martin has been negotiating on the authority’s behalf with Wells Fargo, the sole bond holder, on the terms of a subsequent agreement.

“We’re going to need some additional time to dot the i’s and cross the t’s,” authority board chairman Kevin Fry said in announcing the extension.

Read more: http://lancasteronline.com/article/local/886288_Refinancing-deadline-extended-third-time-for-Lancaster-County-Convention-Center.html#ixzz2coPiuDDR

TV Program On Reading’s Future Takes First Place

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

A program produced by WFMZ-TV and Reading Eagle Company took first place in the public affairs category over the weekend at the Pennsylvania Associated Press Broadcasters Association awards banquet for 2012 in Harrisburg.

It was previously announced that “From Poverty to Prosperity: Reading Looks to the Future” finished in the top three in the category for medium-market TV stations, but its exact finish was not announced until the banquet.

The program was a joint effort between print and television media, sponsored by M&T Bank in collaboration with United Way of Berks County and hosted by Reading Area Community College.

Read more:  http://readingeagle.com/article.aspx?id=479294

Bank Yanks Loan Offer To Scranton After City Council Allows Parking Authority To Default

The effect of Scranton City Council allowing the Scranton Parking Authority to default on a debt was immediate on Friday, officials said.

The bank that the city had been hoping to get financing from to be able to keep the city afloat this year, M&T Bank, backed out first thing Friday morning because of the default, said Mayor Chris Doherty and city Business Administrator Ryan McGowan.

On Thursday night, council voted against covering a $940,000 SPA debt that was due Friday, thus allowing the authority to default even though the city had backed the debt.

“The city defaulted on the guarantee. This default has left us with nowhere to go,” Mr. McGowan said of the city’s hopes for getting loans.

Read more: http://thetimes-tribune.com/news/bank-yanks-loan-offer-to-scranton-after-council-allows-parking-authority-to-default-1.1324183

Wilmington Trust Offers Itself To M&T Bank At Half-Price

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This venerable Delaware bank started by the du Pont family has fallen on hard times.  After sustaining some large losses over the last several quarters, the bank started looking for a buyer.  M&T Bank has acquired Wilmington Trust and will inherit a strong presence in Delaware.

Wilmington Trust is a casualty of the recession – low investment earnings and the housing market grinding to a halt have affected the bank’s ability to make enough revenue.

At present, no member of the du Pont family sits on the bank’s board, although some family members are depositors.  One of Wilmington Trust’s specialties is wealth management.  They have a number of clients with a $10,000,000+ in liquid assets for a total of $58.4 billion.

Sadly, this is another more or less “local” bank that’s being gobbled up by a super-regional player.  M&T Bank has bought up smaller banks and expanded their presence.  Delaware will expand M&T’s market to ten states, primarily along the East Cost.  M&T Bank, based in Buffalo,NY, has reported profits for 34 years in a row.

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).