DBA Digest for May 5, 2023

LAST CALL TO REGISTER!

DBA 128th Annual Meeting & Dinner - May 11 -

DuPont County Club - Philadelphia Union's David Debusschere Keynote Speaker!

Last call to register for the DBA's 128th Annual Meeting and Dinner, May 11, at the DuPont County Club. You'll want to hear the evening's keynote speaker, David Debusschere,

EVP and COO/CFO with the Philadelphia Union. Sign up today via the link below.

Register

Women Connect Networking Event

May 18-19, 2023

Don't miss the next Women Connect Network event will be held May 18-19, 2023, in Wilmington, DE. Join us for two days of fun, laughter, and life-long connections! May 18 will feature interactive activities in downtown Wilmington, followed by a half-day program on May 19.


The agenda includes: “Conversations with Women” Gender Equality, Advocacy, and a Pathway for Change, with Carol Arnott-Robbins; Kaisha Blackstone, BASSic Black Entertainment; Senator Sarah McBride; and, Dr. Sunny Fink, MD Transplant Surgery, Crozer Health. “The 6 Pillars of Self Care” and “Building Self Care into Your Life,”with Sarah Mayland. Follow the links below for full agenda details and to register!

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Fulton Financial Advisors and Fulton Private Bank Hire Mark Hoffman, Ph.D., CFA, as Chief Investment Officer

Fulton Bank, a subsidiary of Fulton Financial Corporation, announced that it has hired Mark Hoffman, Ph.D., CFA, as Chief Investment Officer for Fulton Financial Advisors and Fulton Private Bank. 

 

With nearly two decades of experience in asset management and strategy, Hoffman will be responsible for investment strategy focusing on strategic and tactical asset allocation, manager selection, and due diligence.

 

“We are excited to welcome Mark as our Chief Investment Officer and member of our leadership team,” said David B. Hanson, Chief Executive Officer of Fulton Financial Advisors. “He brings a wealth of experience in investment management, as well as visionary leadership that will support our ongoing growth and our focus on serving as trusted advisors for our clients.”

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Committed to Building Our Community: Brad Preisinger and Jeff Starcher Join Shore United Bank’s Mortgage Lending Team

Shore United Bank is pleased to announce the addition of Brad Preisinger (above right) and Jeff Starcher (above left) to its team of mortgage banking experts. Preisinger and Starcher bring with them a wealth of experience in residential lending, having closed billions of dollars in loan volume and successfully completed thousands of home purchase, construction, and renovation projects over the course of their careers.


"We are thrilled to welcome Brad and Jeff to the Shore United Bank team," said Corey Galinsky, Residential Mortgage Manager at Shore United Bank. "Their extensive experience in mortgage banking, portfolio lending, and project management, combined with their deep commitment to client service, will be invaluable as we continue to expand our lending capabilities and support the growth of the bank and the surrounding community."


Preisinger and Starcher join Shore United Bank after spending decades with Sandy Spring Bank, where they played key roles in growing the bank and its lending footprint, while helping their clients navigate complex home financing projects.

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UD Trust Management Minor Golf Classic - June 12 - Register - Sponsor - Donate - Volunteer!

Please join us on June 12, 2023 for a fun day at Hartefeld National for the inaugural University of Delaware Trust Management Minor Golf Classic.  Please reach out to Jennifer McCloskey at 302-528-8317 or lerner-trustmanagement@udel.edu with any questions. Registration closes June 5th!


Full Details & Registration

Bank of America Private Bank Market Minute

U.S. Equites were mostly higher last week as better-than-expected earnings were reported, extending an advance for the month of April. The S&P 500 ended the month with a gain of 1.5% while the Dow Jones Industrial Average rose 2.5% and the Nasdaq Composite eked out a small advance for April. Economic data revealed persistent inflation and slowing economic growth as the U.S. Personal Consumption Expenditures (PCE) price index excluding food and energy increased 0.3% month-on-month (MoM) and rose at an annual rate of 4.6%. Headline PCE decelerated in March, rising 0.1% vs. February’s 0.3% and rose 4.2% year-over-year (YoY, compared to February’s revised 5.1%. Wage growth remained elevated in Q1 2023 as the Employment Cost Index came in above expectation. The initial read of Q1 gross domestic product (GDP) disappointed consensus at 1.1% vs. consensus expectations of 1.9%, primarily due to a drag from lower inventories. Personal income rose 0.3% MoM, largely due to an increase in wages and salaries. Consumer spending was flat in March reflecting lower spending on goods (-0.6%) while spending on services, grew modestly (0.4%). The Federal Reserve (Fed) meets for its May Federal Open Market Committee (FOMC) with the market pricing in a high probability of another 25 basis point hike expected this Wednesday. Other highlights for the week will be the continual reporting of Q1 corporate earnings and the April jobs report due Friday.

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Philadelphia Fed: State of the Cyber Threat 2023

Wednesday, May 17, 2023 - 11:00 a.m.-12:00 noon

Join us virtually on Wednesday, May 17, 2023, from 11:00 a.m. to 12:00 noon for State of the Cyber Threat. At this presentation on current cybersecurity threats, special agents from the FBI will discuss the trends and threats they are currently seeing and recommendations on staying safe today.  


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BLS CPAs Celebrates Michael T. French, CPA and Announces Retirement

Michael French, CPA, former Managing Director and Director of Tax & Small Business, retired on April 30, 2023 – during the Firm’s Centennial Year – with over 43 years of service in public accounting and at BLS!


Michael started at BLS on January 1, 1980, as the Firm’s first ever co-op. He has the distinguished achievement of working his entire public accounting career at BLS and working his way from an entry-level position to Director to Managing Director. Michael’s passion and desire to uphold BLS’s Legacy has been instrumental in preserving a culture of quality and integrity both for clients and within the Firm. As he began to contemplate retirement, he passed the baton to the firm’s new Executive Directors on January 1, 2022 so they could begin a new era of governance and glean as much as they could from the depth of his knowledge and experience at BLS.

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CFPB Focusing on Increasing Competition in Credit Card Market

On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post, highlighting its current efforts in the credit card market. According to the post, interest rates on credit cards have risen substantially, with average rates over 20%. Implying that high interest rates are solely a result of lack of competition, the CFPB has: (i) published a proposed rule that would amend Regulation Z to decrease the safe harbor for credit card late fees; (ii) launched an update of its credit card database; (iii) and requested public feedback on how the consumer credit card market is functioning. The CFPB does not mention the fact that the Prime Rate has increased more than credit card rates in the last two years.

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 Delaware Business First - Networking Event

- May 16 - 6 p.m.

You are invited to the Delaware Business First (Networking Event), 5/16/2023 at 06:00 PM. Mix, Mingle & Grow at Stitch House Brewery, 829 N Market St, Wilmington. Click on the link below for more information.


Register
We want to hear from you! Please send your news items to
Greg Koseluk at greg.koseluk@debankers.com