Short Takes: B of A Expands Private Banking in Philly Area

BankAmerica Corp. is expanding its private banking presence in the Philadelphia area.

Last month the Charlotte, N.C., banking company hired Deborah Chiumento as a senior vice president, bringing to four the number of private banking specialists in the Radnor, Pa., office.

Ms. Chiumento was previously employed by BancAmerica Securities.

The office is headed by Drew Martini and was opened in September by NationsBank, which merged with BankAmerica on Sept. 30.

NationsBank established the office to meet the needs of a growing high- net-worth population in Philadelphia and the surrounding suburbs, a BankAmerica spokesman said.

The Radnor location offers the usual array of private banking services, including trust and investment products, as well as tax advice and estate planning, the spokesman said.

BankAmerica is not the only bank to expand its private banking presence in Philadelphia recently.

J.P. Morgan & Co., New York, has doubled its staff to 30 professionals since the summer and recently moved to a bigger office in Philadelphia.