Customers Bank, Acacia Federal Savings See Partnership
by Burt Stein, Business Editor
for The Post Publications
PHOENIXVILLE PA – Here’s a source of excitement for two banking company CEOs, and a likely hint of promise for their customers in Pennsylvania and Virginia: Customers Bancorp Inc., the parent of Phoenixville-headquartered Customers Bank, on Thursday (June 21, 2012) said it would buy Acacia Federal Savings Bank in Falls Church VA from Ameritas Mutual Holding Company.
“We are excited about having Ameritas as a partner,” said Jay S. Sidhu, Customers Bank chairman. “We view this as a very positive transaction for the long-term interest of our mutual policyholders, and it creates new growth opportunities for our current Acacia Federal customers and employees,” added JoAnn M. Martin, president and CEO of Ameritas.
Customers Bank, with branch offices in Phoenixville and Kimberton, has about $2 billion in assets. Acacia Federal, which covers the Metro Washington DC market, has about $1 billion in assets; a deposit, lending and mortgage operation, and about $125 million in tangible common equity.
For the acquisition, Ameritas will hold 9.9 percent of all voting stock of Customers Bank, have a 19.9 percent economic ownership, and own all preferred stock issued by Customers Bank. At closing, which is expected to take place during the fourth quarter of 2012, Customers Bank will expand to 15 offices from Washington DC to New York.