BizJournals – Investment banking firm Boenning & Scattergood Inc. has witnessed shale development transform community banking throughout much of Pennsylvania. So it’s without pause the Philadelphia-area firm sets sights on the Marcellus and less-developed Utica shale play with a new spinoff of sorts, investing in promising yet undervalued banks primarily with less than $1 billion in assets.
Shale Community BanFund LP launched in May with a $10 million capital raise and much of its focus on eastern Ohio, where small banks are in need of capital, said Robert Wagner, the fund’s managing principal.
