This year, the list of the fasted-growing companies in Greater Philadelphia is dominated by local banks, including Malvern Federal with 27.6 percent growth and DNB Financial with 19 percent growth, writes Jeff Blumenthal for the Philadelphia Business Journal.
The “Soaring 76” list was compiled by the PBJ out of a pool of 500 public and private companies. The ranking is determined by averaging the percent revenue change from 2014 to 2015 and from 2015 to 2016.
To be included on the list, a company needed to have generated a minimum of $750,000 in revenue in 2014 and a minimum of $2 million in 2016.
Several other local banks also made the list, including WSFS, Beneficial Bancorp, Bryn Mawr, and Univest. All of them have grown through acquisitions throughout the time period.
“Even if you were a bank that didn’t do a deal, there was market disruption created by deals made by larger banks like National Penn and Susquehanna that shook loose some revenue producers who joined other banks,” said Christopher Connell, a banking lawyer with Stradley Ronon Stevens & Young.
Read more about the growth of local banks in the Philadelphia Business Journal here.