Harvest Community Bank in Pennsville, N.J., plans to continue fighting Penn Bancshares' attempt to increase its 4.89% stake in the $141 million-asset Harvest to nearly 25%.
On Monday the $164 million-asset Penn, also of Pennsville, received permission from the Federal Reserve Board to acquire 20% more of Harvest's outstanding shares. Before it can follow through on its plan, Penn need the approval of New Jersey's banking regulator, and Harvest intends to oppose its application.
Dennis H. Engle, Harvest's president and chief executive, said Wednesday in a press release, "We are not pleased with the Federal Reserve Board's decision in this matter and the bank plans to oppose any application submitted by Penn to the New Jersey Department of Banking and Insurance."
