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First Savings Bank of Perkasie and First Federal Savings and Loan of Bucks County unify to form Penn Community Bank
November 19, 2014 / Perkasie, PA and Bristol, PA – The boards of Perkasie, Pennsylvania-based First Savings Bank of Perkasie ($1.05 billion) and Bristol, Pennsylvania-based First Federal Savings and Loan Association of Bucks County ($739.4 million) have approved an agreement that will pave the way for the formation of a new mutual organization.
The new bank will have a new name but will remain a mutual organization. When finalized, the new bank will be the largest mutual organization in Bucks County and the third-largest in Pennsylvania, with $1.8 billion in assets. The combined bank will operate 23 branches in Bucks County, Pa., ranked fourth with a 7.85% share of approximately $15.87 billion in total market deposits.
“Being a mutual means we don’t have to answer to stockholders. We answer only to our customers,” said Robert Byers Jr., chairman of First Savings Bank of Perkasie. “That enables us to remain independent and focus on operating in a manner that serves the communities in which we live and work.”
The release stated that bank executives began discussing the possibility of joining forces earlier in 2014, after First Savings President and CEO Frederick Schea announced plans to retire by the end of 2016. “The unification of our two banks will strengthen the role of the community bank in Bucks County and help us to guarantee that we remain independent for years to come,” Schea said.
William Larkin Jr., chairman of First Federal, said transition teams have been formed at both banks to identify and coordinate policies and procedures moving forward. Jeane Coyle, president and CEO of First Federal, will be president and CEO of the new bank.