PHILADELPHIA -- Prime Bancorp Inc. said it has signed a definitive agreement to purchase Bank of Delaware Valley, Fairless Hills, Pa.
Bank of Delaware Valley, a subsidiary of B.M.J. Financial Corp., Bordentown, N.J., opened in 1989. It reported assets of $32.5 million on June 30, including "$22 million of high-quality loans," said Erwin T. Straw, president and chief executive officer of Prime.
Prime, the parent of Prime Savings Bank of Philadelphia, agreed to pay a purchase premium of $820,000 above book value. The acquisition would bring Prime Bancorp's assets to $400 million.