Bristol, PA, June 06, 2015 --(PR.com
)-- First Savings Bank of Perkasie and First Federal of Bucks County have received approval to reserve the name of their new, unified organization, Penn Community Bank.
The Pennsylvania Department of Banking and Securities has authorized the Pennsylvania Department of State’s Bureau of Corporations and Charitable Organizations to reserve the new name for use by the unified organization. The formal authorization of the new bank’s proposed name is an important step in the regulatory process and is a significant milestone in the unification of these two longtime local businesses.
“The name, Penn Community Bank, was created with our neighbors and business partners in mind. We asked them what they wanted from us and they all said, ‘Community matters,’” said Jeane Coyle, President and CEO of First Federal of Bucks County, who will assume the same role for the new bank.
“And the name ‘Penn’ speaks of a deeply rooted, rich history in Bucks County and throughout southeastern Pennsylvania.”
The proposed unification still must receive final approval from the Federal Reserve, the Pennsylvania Department of Banking and Securities, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. The closing is anticipated in the third quarter of 2015.
Customers may see the Penn Community Bank name in use on formal documents such as loan agreements in the fall of 2015. Complete integration of the new bank’s identity is planned for January 2016.
The new institution’s name is a reflection of the historical ties that each of the two banks have forged with their local communities over the decades, as well as a symbol of the spirit of partnership that has characterized their unification.
“We said from the start that this was not your average bank merger, and the naming process reflects that. One bank isn’t taking on the name of another; we are creating something new, together,” said First Savings President and CEO Fred Schea. “It also reflects the new organization’s mission, which is the same mission upon which the two banks were founded decades ago – to help the communities in which we live and work to thrive.”
The new bank will remain an independent, mutual financial organization, locally owned and responsive to its customers and communities.
Based in Perkasie, Pa., First Savings offers banking, insurance, investments, and trust services at 11 branch locations throughout Central and Upper Bucks County. First Federal is based in Bristol, Pa., and offers personal and business banking at 11 branch locations mostly in Lower Bucks County. Together, they employ about 300 people.
The proposed unification was announced Nov. 14, 2014 and has been approved by both banks’ boards of directors. The unification would extend each bank’s footprint, combine their capital reserves, and allow them to offer a wider array of financial products and services, while reinforcing their commitments to their local communities, customers, and team members.
About First Savings Bank of Perkasie
Founded in 1922, First Savings Bank of Perkasie is one of the largest and strongest community banks in Central and Upper Bucks County. Today, First Savings Bank offers personal banking, business banking, insurance, investment and trust services at 12 locations. First Savings Bank is part of a two-tier mutual holding company structure and is the wholly-owned subsidiary of FSB Bankshares Corporation. FSB Mutual Holdings, Inc. is a mutual holding company and owns FSB Bankshares Corporation. It is anticipated that the new bank will continue to utilize First Savings Bank’s mutual holding company structure. A mutual organization, First Savings holds just over $1 billion in assets and values the role it plays in supporting the community.
About First Federal of Bucks County
Founded in 1885, First Federal of Bucks County holds $739 million in assets and operates 12 locations throughout Bucks County. Because it is a Federally Chartered Mutual Savings Association, the bank is not publicly traded and is “owned” by the Association’s customers. The mission of First Federal is to serve businesses and individuals in Bucks County and the surrounding counties – and to be an integral part of the community.