LIMERICK PA – A proposed merger of The Victory Bank, headquartered on North Lewis Road in Limerick Township, with Huntingdon Valley Bank of Huntingdon Valley PA moved forward Saturday (June 14, 2014) with the announced filing of a federal Interagency Bank Merger Act Application to complete the union.
The Victory Bank
Members of the public can voice their opinions, if any, on the merger plans, but their time to do so is short: the deadline to send comments to the regional director of the Federal Deposit Insurance Corporation in New York City is Thursday (June 19). A legal notice on the filing was published in The Philadelphia Inquirer and Philadelphia Daily News newspapers.
News of the merger first emerged Dec. 12 (2013), as the banks reported the transaction would join “complementary organizations.” At the time, The Philadelphia Business Journal reported Huntingdon Valley had assets of $159 million and four branch offices;, and Victory, $141 million, with its sole branch at 548 N. Lewis Rd. and a loan office in Wyomissing PA.
The Victory Bank opened during 2008. The bank’s founding investors include residents of Lower Pottsgrove Township.
The federal filing reported “all offices of the above-named institutions will continue to be operated.” And although it added that Huntingdon Valley Bank will be the surviving entity, the banks’ press release reported the merged enterprise will be marketed under The Victory Bank name. Huntingdon Valley has been in operation since 1871, and was expected to convert from a mutual to stock institution after raising additional capital.
Victory Bank chief executive officer Joseph Major was reported to become the president and CEO of the new entity, and Huntingdon Valley’s president and CEO would become its executive chairman. A new board of directors was expected to consist of seven members selected by Huntingdon Valley and six selected by Victory.
Those wishing to comment on the merger should write to the Regional Office of the FDIC, 350 Fifth Avenue, Suite 1200, New York, NY 10118.