PIDC LOAN COMMITTEE BIDS FAREWELL AND WELCOMES NEW CHAIR

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(From left ) Loan Committee Members Nabila Sajid, Joe Holdin, Dave Beavers, PIDC Board Chairman M. Walt D’Alessio, and Jim F. McManus, and Jay Goldstein.

The PIDC Loan Committee bid farewell to its long-time Chair, David E. Beavers, Esquire and Committee Member, James F. McManus at its January 8th meeting after more than fifty years of combined service. With deep gratitude, the Loan Committee read Resolutions to David and Jim, and offered a grab-bag of products from several of the many businesses that benefitted from PIDC’s financing products during their tenure (including the grab-bag, itself!).  At the meeting, the baton was passed from David to incoming Chair, Jay R. Goldstein, Esquire, President of Valley Green Bank.

David, a recently retired partner at the law firm of Stradley Ronon Stevens & Young, first joined PIDC’s Loan Committee in 1988, and served most of that time as its Chair.  Jim, Regional Vice President for Philadelphia at the Caron Treatment Centers, joined the PIDC Loan Committee in 1991 after having worked in leadership roles at both PIDC  and the Greater Philadelphia Chamber of Commerce.

Under David and Jim’s guidance for more than two decades, PIDC  greatly expanded its loan products to target small, minority and women-owned businesses and high-impact development projects, in addition to serving its historic core of family-owned and industrial sector companies.  Over this time, Jim and David managed the review and approval of more than 1,700 financing transactions representing almost $2 billion of total investment.

David and Jim’s selfless and dedicated efforts have benefitted tens of thousands of employees throughout the entire City.  Their intelligent and wise counsel always balanced the hard realities of lending with PIDC’s greater mission to improve the lives of Philadelphia’s citizens by retaining and creating jobs throughout all neighborhoods of the City.

While the PIDC’s Loan Committee and Staff are very sorry to lose David’s and Jim’s service, it is with great enthusiasm that we welcome Jay Goldstein, President of Valley Green Bank, a Division of Univest Bank and Trust Co. as our new Loan Committee Chair.  Jay was a founder of Valley Green Bank and served as its President and CEO and as a member of its Board of Directors from 2005-2014. He was formerly a partner in the law firm of Kleinbard, Bell & Brecker LLP, concentrating in mergers and acquisitions, public and private finance, and real estate with particular expertise in emerging businesses and economic development. Jay  was appointed by Philadelphia’s Mayor Michael Nutter as Vice Chairman of the Delaware River Waterfront Corporation and has served in that capacity since 2008. Jay’s experience as a bank president, practicing attorney, and civic leader offer the perfect balance of skill, knowledge and dedication to mission that are the hallmark of PIDC’s lending efforts.  We look forward to working under Jay’s leadership, and to continuing the great tradition of high standards and service to Philadelphia’s business community.

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