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The pairing of Rockville Financial in Connecticut and United Financial in Massachusetts would create a $5 billion-asset bank that can get more efficient yet invest in growth. More deals like it have been happening around the country this year.
November 15 -
Victory Bancorp in Limerick, Pa., said Wednesday that it raised $2.6 million in capital. The company sold convertible preferred securities with a 7% coupon.
July 20 -
Bryn Mawr Bank (BMTC) in Pennsylvania and MidCoast Community Bancorp in Wilmington, Del., have terminated plans to merge.
August 9 -
The companies announced last week an agreement to merge Acacia into Stifel Bank and Trust, the investment bank and brokerage's $3.9 billion-asset bank. The terms were not disclosed.
July 1 -
Bank mergers of equals are on the rise, but buyers are giving up their brands to make them happen.
December 5
Victory Bancorp in Limerick, Pa., and Huntingdon Valley in Warminster have agreed to a merger of equals.
The two companies reached an agreement last week to combine, under the Victory name, once Huntingdon completes a capital raise and mutual-to-stock conversion. New Huntingdon stock will be issued to Victory's shareholders; the Victory shareholders will also receive cash, if necessary, to ensure that they own no more than 48.5% of the combined company.
Huntingdon Chief Executive Travis Thompson will be executive chairman and Victory Chairman Joseph Major will be president and CEO of the combined company. Huntington will select seven members of the combined company's board, and Victory will control six seats.
Huntingdon has $159.3 million in assets and seven branches, and Victory has $141 million of assets and two branches
"The conversion of Huntingdon Valley Bank provides our depositors the ability to benefit as shareholders, while the merger with Victory creates a more valuable company for our future shareholders," Thompson said in a news release. "This transaction combines two complementary organizations, creating an institution with over $300 million in total assets and the scale and ability to grow profitably."
Griffin Financial Group and the law firm Jones Walker advised Huntingdon on the merger agreement, while the Kafafian Group and the law firm Kilpatrick Townsend advised Victory. The conversion and merger are expected to close in the second quarter.