Panasia Bank in Fort Lee, N.J., said it is seeking a national bank charter so it can expand in New York and beyond to become the largest financial services provider to Asian-Americans in the eastern United States.
The $107 million-asset state-chartered bank is a subsidiary of $2.5 billion-asset National Penn Bancshares in Boyertown, Pa.
Panasia Bank, which has four branches in northern New Jersey, said it plans to move its headquarters next month to the New York City borough of Queens, where it currently has a loan office, and to open branches shortly thereafter in New York State. The company also plans to open loan production offices in the Washington area early next year.
National Penn said it would merge its National Asian Bank unit in Philadelphia into Panasia Bank in the second quarter. That would increase Panasias assets to $175 million.