Philadelphia’s banking market remains "fragmented and disrupted," leaving several institutions looking to scoop up new customer relationships and market share, according to a new report from investment firm Keefe Bruyette & Woods.
KBW analysts met Tuesday at the Union League with 14 small-to-mid cap banks from Pennsylvania and New Jersey.
On the table were discussions on market disruption, loan/deposit growth outlooks, margin dynamics, capital deployment and technology investments.
Present were several of eastern Pennsylvania’s largest local banks — Fulton Financial Corp., WSFS Financial Corp., Univest Financial Corp., Meridian Bank and Tompkins Financial Corp. Participants also included three New Jersey banks with designs on expanding in Philadelphia — Investors Bancorp, OceanFirst Financial Corp., Provident Financial Services as well as Western Pennsylvania’s CB Financial Services, F.N.B. Corp., TriState Capital Holdings, S&T Bancorp and First Commonwealth Financial Corp.
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