Huntingdon Valley Bank and The Victory Bancorp announced that they will merge, pending approval by Victory shareholders and regulators.
Under the proposed deal, Huntingdon Valley's president and chief executive Travis J. Thompson will serve as executive chairman. Victory's chairman Joseph Major will be president and CEO of the combined operations, which will operate under the Victory brand.
The combined board will be comprised of seven members selected by Huntingdon Valley, which has assets of $159 million and deposits of $136 million, and six members selected by Victory, which has $141 million in assets and $124 million in deposits.
In conjunction with the proposed deal, Huntingdon Valley will raise capital by selling shares to eligible depositors, who will then be shareholders of the merged bank. - Harold Brubaker