Credit crunch is taking a bite out of bank startups - Dayton Business Journal:

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million in its initial public offering. The located at 548 N. Lewis Road in extended the offering that began last summef to a first closingon Jan. 16. The offering will continure throughMarch 15. CEO Joseph Major has said the perceives credit crunch created by the subprime mortgagde crisis coupled with the typicallyt slow period of July and August put a crimp in The bank originally hoper toraise $9 million to $20 million in initiapl capital. Most other startups attempting to raise money through initial offerings in the past year have encounteredf the sameproblems (see related story on page 26).
Thre e more startups are in the planning including Monument Bankin Doylestown, which is set to open next Two more are planned in Northeast Philadelphiaz that will serve the Russian-speaking immigrant community, New American Bank and Right Prestige Community Bank of Newtown openee in October and was sold to anothetr startup, the parent to First Priority Bank of Milestone Bank of Doylestown opened in Novembefr and Vantage Point Bank openede shortly before the New Year in Fort Colonial American Bank of West Conshohockebn opened last February.
For the second time sincse August, Mark Graham has been promotefdat Graham, 46, has been tapped to head the company'es wealth advisory services, where he will be responsiblse for managing that business line in the company'ss 10-state platform. In August, Graham was promoted to the new positiomn of president ofthe mid-Atlantic regional banking market. Graham has been with the companu since 1983 and was president of the Pennsylvani marketsince 1998.
He was succeededf in that role by Jeffrey chief operating officer of the Pennsylvania A company spokesmansaid Graham'es mid-Atlantic regional president positionm will not be filled as individual market manager such as Culp will report jointly to Graha and Bob Harra, president of Wilmingtoj Trust and head of the regional banking business. Small Business Administration lender Preferred Capitao of Wilmingtonacquired asset-based lender Business Credit Partnersd of Ardmore. The privately held Business Creditg Partners services smallto mid-sized businesses with credit needxs up to $3 million.
It began operationsd in 2006 and was established out of a reorganization of a busineses formerly known as Mercantile Business Rocco Perate, president and CEO of Preferred Capital, will take on the same role at Business Credit Partners. The two companieas will operate as separate entities and maintaihn their respective headquarters but Perate said theywill "morw than likely" be branded under the Preferred Capital name this Philadelphia-based Gemino Healthcare Finance said it provided funding to 12 health care-related companies with total credit facilities exceeding $45 millioj in 2007, following its March It also opened offices in Dallas and Los Sovereign Bank opened a new branch at 1001 Gap Newpor t Pike in London Grove Villag in Avondale, one of four branches the bank plans to open in Greatedr Philadelphia this year...
Beneficial Bank opened a brancbh at 1600 Sumneytown Pikein Lansdale... has openexd a branch at 800 Bethlehem Pikein Springhouse.