New Apartment and Parking Project Proposed for Downingtown

A new project, Union Place, has been proposed in Downingtown to create a seven-story parking structure with 72 condo apartments at 150 and 170 East Lancaster Avenue. The project aims to preserve the history of the area while simultaneously allowing the community to modernize and move forward in an attempt to draw in young professionals.

The plan proposal includes 58 one bedroom and 14 two bedroom units, with parking spaces allocated per bedroom. There will also be 83 public parking, an increase from the 67 metered spaces currently there.

“This project will breathe new life into our community while allowing us to preserve the rich history of Downingtown that makes our community one of the best places to live in the Commonwealth,” noted Downingtown Mayor Josh Maxwell. The total cost of the project is expected to be around $14 million.

Aqua America’s CEO Retires Leaving a Strong Legacy

After spending a third of his life building Aqua America, the for-profit water and sewer company, based in Bryn Mawr, PA., Nicholas DeBenedictis, 69, has stepped down as CEO.

After thoroughly reviewing the candidates from throughout utility industry, the company has found his successor in Aqua America’s executive vice president Christopher Franklin. DeBenedictis participated in the selection of his successor along with eight other board members, and has stated that he is pleased with the decision made.

DeBenedictis’ protégé, Franklin holds a master’s in engineering from Drexel, and like DeBenedictis, worked for the government and as an executive for the Chamber of Commerce before joining Aqua America. Some analysts are less than happy with the choice, expecting someone external to be appointed, but with 6 buy and 4 hold ratings the company looks to be in good hands.

Strategic Investments Finalized for Turner Investments

Turner Investments, a leading global growth equity manager headquartered in Berwyn, PA., announced the finalization of a series of strategic investments in the company. Lead investors in the new financing are His Excellency Abdul Jabbar Al Sayegh of Abu Dhabi, Chairman and Chief Executive of Al Sayegh Brothers Group of Companies and a private foundation established by Abraham Jou.

Mr. Al Sayegh showed his excitement for the investment, “I have gotten to know Bob Turner and Turner Investments well over the last couple of years. Turner is recognized as a global leader in growth stock investing and I am very impressed with their performance record, particularly in global growth and their long/short strategies. “

David Lawson Retires and New Members Join Conestoga Capital Advisors

Conestoga Capital Advisors, LLC, an independent investment advisory firm with over $1.6 billion in assets under management, has announced the addition of Derek Johnston, CFA, and Larry Carlin, CFA, to the company as Equity Research Analysts. They will support Conestoga’s research of small and mid-capitalization stocks.

Bob Mitchell, Co-Founder and Managing Partner/Portfolio Manager said of the new hires “Both Derek and Larry have over 15 years of investment experience, with a focus on the fundamental research of companies, using similar investment philosophies as those of us at Conestoga.”

The firm which specializes in the management of small and mid-cap equities also announced that Dave Lawson, a Managing Partner and Co-Portfolio Manager of the firm’s SMid Cap strategy will be retiring in first quarter of 2016 after over 30 years in the investment world. Lawson was instrumental in launching and building Conestoga’s SMid Cap investment strategy.

Owner of Stonebridge Bank Files Chapter 11

After its assets peaked at $493 million in September 2008, Stonebridge Bank of West Chester and its branch office in Warminster, Bucks County, has now shrunk to one third of that size, leaving its owner Stonebridge Financial Corp no other option than to file for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Philadelphia.

Stonebridge has been losing money consistently since 2007 with its annual losses reaching $11 million in 2011. Deposits fell from $350 million in September 2008, to $121 million as at March 31, 2015. The number of employees has also dwindled from 67 to 28 over the last five years.

Stonebridge listed $11.2 million in trust-preferred securities that the bank had sold when trying to raising capital as its major outstanding liability. The bank has since defaulted on the trust-preferred securities’ interest payments and has not yet been able to find a buyer for the troubled bank.

Chester County Shows Greater Diversity

According to the New York Times Diversity in the Classroom section, Chester County currently ranks 12^th most diversified of the 67 counties in Pennsylvania. The program follows demographic changes in more than 17,000 school districts across the nation, over the last three decades. One of the first places where diversity can be seen is in the classroom and the index shows that diversity has been steadily increasing in Chester County for the past twenty years. Full index here.