Interests in the Financial Market
Michael G. Zamagias Interests, is proud of its long-standing knowledge of the financial and banking industries. The Zamagias name is one which understands the intricacies of the current financial markets and works within them to great success.
The shining example of this knowledge is the historical data of the success of Pennsylvania Capital Bank—Pittsburgh’s first de novo bank in 30 years when it was co-founded by Michael Zamagias in 1990. Pennsylvania Capital served a niche market of high-income individuals and private companies with premier personal services (such as courier delivery) that larger banks did not want to provide for the sake of profitability.
Under Mr. Zamagias’s and his team’s leadership, the bank reported strong, reliable growth throughout the 1990’s, in some years reporting nearly a fifty percent increase in assets over the previous. In 2001, after reaching an asset level of $145 million, Pennsylvania Capital was sold to Three Rivers Bank on the basis of its wealthy customer base and Downtown location in The Times Building. (Three Rivers was later acquired by Sky Bank in the summer of 2002. Sky Bank, in turn, was acquired by Huntington Bank in July 2007, marking Huntington’s entrance into the Pittsburgh region.)
This past experience, along with continued analysis of the current markets, allows the Zamagias company to continue to enjoy a strong understanding of the financial climate today.