Phil Sieg is a Bellefonte native and 1957 Penn State graduate in business administration. Before starting the real estate-oriented Sieg Financial Group, he and a partner, formed the Federated Home & Mortgage Co. in 1959 to build single-family homes and apartment complexes in State College. That partnership soon began to develop and manage a chain of twenty Holiday Inns in Pennsylvania and three other states and Toftrees, Pennsylvania's first planned community.
Sieg and his wife, Judy, have long been involved locally as volunteers and philanthropists. They have supported Penn State through the formation of endowments for programs to support areas of intrest, like the University Libraries, for athletics and faculty fellowships. Penn State named Phil Sieg an Alumni Fellow in 1988 and a Distinguished Alumnus (its highest honor) in 1993.