Post office reopens inside Landis market
A grand opening celebration was held for the reopening of a postal facility inside a Sanatoga supermarket.
LOWER POTTSGROVE >> It was a celebration Friday afternoon as representatives from the U.S. Postal Service and Landis Supermarket welcomed the opening of a contract postal unit at the customer service desk inside the market.
The event featured the USPS Postal Employees Choir, as well as remarks from USPS District Manager Chu Falling Star, U.S. Rep. Ryan Costello (R-6th Dist.), state Rep. Thomas Quigley (R146th Dist.) and Lower Pottsgrove Township Commissioners Raymond Lopez and Earl Swavely Jr. The remarks were followed by a ribbon cutting and cake.
The event has been several months in the making. The new contract postal unit replaces the Sanatoga Thriftway branch that closed when the grocery store closed in August 2015.
When the Landis Supermarket opened at the location at 2190 E. High St. on March 1, members of the community began asking when and if the post office would reopen.
At the end of July, Scott Landis, vice president of Landis Supermarket, confirmed the contract had been approved. The
effort was helped by Costello’s office.
Malvern
FIRST PRIORITY BANK ACQUIRES $65M LOCAL COMMERCIAL LOAN PORTFOLIO >> In announcing the acquisition, First Priority Financial Corp., parent company of First Priority Bank, said that it has significantly broadened its core commercial banking business.
The portfolio encompasses 36 local business relationships within the bank’s market area and complements the bank’s existing commercial and commercial real estate loan businesses. The purchase increases the bank’s total loan portfolio from $418 million as of June
30, 2016 to approximately $483 million, and will be absorbed by First Priority without any anticipated additional operating costs. The bank will not require any additional capital to support the purchase.
“The transaction is unique for First Priority as it will significantly increase our operating performance through higher revenues; is immediately accretive to annualized run rate earnings and earnings per share; and allows us to lever our existing capital more effectively,” said David E. Sparks, chairman and CEO of First Priority Financial Corp. and chairman of First Priority Bank. “Just as important, it provides us with the opportunity to deepen and broaden our relationships with a group of very attractive new customers.”
The transaction will initially
be financed by utilizing short-term funding options with the intent to replace this shorter term funding with deposits generated through the Bank’s retail and small business deposit relationship development efforts. All regulatory capital ratios will continue to exceed all requirements for the Bank to be considered well-capitalized.
First Priority Financial Corp. and its bank subsidiary, First Priority Bank, is headquartered in Malvern and operates seven offices in Berks, Bucks, Chester and Montgomery counties.