banking

‘Fragmented and Disrupted': Analysts Dissect Philadelphia's Banking Market

“What was interesting to me is that the market is still changing"

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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.

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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.

For more on Philadelphia's banking market, visit PBJ.com.

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