PhillyInc

Brian Campbell of West Chester is a director of First Chester County Corp., of West Chester, which owns First National Bank of Chester County. Separately Campbell is a vice president and co-owner of Beiler-Campbell Inc., a local real estate and appraisal firm. Now, according to First Chester's SEC disclosure today, Campbell's companies have begun doing business with each other. First Chester disclosed that, on May 8, its First National Bank of Chester County entered into a lease agreement with Beiler-Campbell for the lease of land in Kennett Square. (The site is on Route 1, in a shopping center being developed near Longwood Gardens.). The 10-year agreement provides for annual rent payments of $120,000 for the first five years, escalating over years 6 to 10 to $162,000. There also are three optional five-year renewal periods and one optional four-year period. The bank also paid Beiler-Campbell an $80,000 fee at the start of the lease. If all this seems cozy, make note of Beiler-Campbell's slogan on its website: "Serving the real estate needs of our friends and neighbors ...." In response to PhillyInc, Campbell, who joined the bank's board in January, said he had nothing to do with the selection of the Kennett Square site. He described himself as a partner in Beiler-Campbell. - Jonathan Berr