Uniting Bucks County Banks Complete Legal Unification
First Savings Bank of Perkasie and First Federal of Bucks County have legally joined to become Penn Community Bank.
- (1888PressRelease) August 05, 2015 - First Savings Bank of Perkasie and First Federal of Bucks County are pleased to announce that they have completed their legal unification to form Penn Community Bank, effective August 1, 2015.
"We are excited to share this historical moment with our team members, our customers and our community partners," said Jeane M. Coyle, President and CEO of Penn Community Bank. "Our unified bank now serves customers from Bristol to Riegelsville and continues the tradition of excellence that those who know us have come to expect."
Customers now will see the Penn Community Bank name in use on our formal documents such as loan agreements. Other aspects of day-to-day business will remain the same, as the bank proceeds toward complete integration of the banks' operating systems, which is planned for January 2016.
The Board of Directors for Penn Community Bank is comprised of seven former First Savings Bank directors and seven former First Federal directors. The directors from First Savings Bank include Robert L. Byers, who will serve as chairman of the board, E. Richard Aichele, III, Walter H. Cressman, Cheri H. Freeh, Jeffrey A. Naugle, Frederick E. Schea, who retired as president and CEO of First Savings on July 31, and W. Thomas Lomax. The directors from First Federal include William P. Larkin, Jr., who will serve as vice-chairman of the board, Peter H. Augenblick, Ross Choate, Jeane M. Coyle, Krista Pool Harper, Bruce J. Weed, and Mark D. Worthington.
The new bank will remain part of an independent, mutual financial organization, locally based and responsive to its customers and communities.
"The formal unification of these two long-time community financial institutions begins an exciting chapter in the history of Penn Community Bank, as well as Bucks County," said Byers. "Our increased size and range of services will enable us to better serve our customers and communities and to compete more effectively. The formation of Penn Community Bank provides Bucks County with a local bank that will support our communities for decades to come."
Penn Community Bank now holds more than $1.8 billion in assets. The bank is the subsidiary of a mid-tier stock corporation, Penn Community Financial Corporation, in a two-tier mutual holding company structure that had been utilized by First Savings Bank of Perkasie. The mutual holding company and stock holding company previously known as FSB Mutual Holdings, Inc. and FSB Bankshares Corporation now are named Penn Community Mutual Holdings, Inc. and Penn Community Financial Corporation, respectively, and First Savings Insurance Inc. is now named Penn Community Insurance Inc.; these changes were made in order to remain consistent with the new bank's name and brand.
Penn Community Bank will be headquartered in Buckingham Township, Pennsylvania. It employs about 300 people at 22 bank branches and two administrative buildings across Bucks County. All bank locations will remain open and stay where they are post-unification.
About Penn Community Bank
A Pennsylvania chartered stock savings bank, Penn Community Bank was created in 2015 by the unification of First Federal of Bucks County and First Savings Bank of Perkasie. Its trusted financial advisers offer banking, insurance and investments and convenient service at 22 bank branches throughout Bucks County, Pennsylvania. Penn Community Bank's mission is to help businesses grow and prosper, support individuals and families throughout their lifetimes, strengthen our local economy, and partner with local organizations to improve the quality of life in the communities in which we live and work.
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