Atlantic Community Bancshares, Inc., the parent of Atlantic Community Bankers Bank headquartered in Camp Hill, Pennsylvania and BBN Financial Corporation, the parent of Bankers Bank Northeast headquartered in Glastonbury, Connecticut announce merger to better serve customers in Mid-Atlantic and New England regions.
Camp Hill, PA and Glastonbury, CT – Atlantic Community Bancshares, Inc. (ACBI), headquartered in Camp Hill, Pennsylvania and BBN Financial Corporation (BBNFC), headquartered in Glastonbury, Connecticut, are proud to announce they have entered into an agreement to merge which will provide community financial institutions an enhanced suite of correspondent services as well as a stronger bankers’ bank. The merger transaction is valued at $17 million.
The merger is expected to be finalized in December 2017 and will result in both organizations joining together and the subsidiary banks of each holding company, Atlantic Community Bankers Bank (ACBB) and Bankers Bank Northeast (BBN) immediately following the merger also merging with ACBB surviving such merger. This will result in one united bank and team working to deliver value to community banking clients throughout the Mid-Atlantic and New England regions. Each share of BBNFC stock will be exchanged for 0.265 shares of ACBI stock, subject to final adjustment. BBNFC will retain four director seats for both the holding company and banking boards. ACBI will have approximately $800 million in assets, $306 million in loans, and $536 million in deposits upon completion of the merger.
“This merger is a tremendous opportunity to build on the strengths of both organizations,” said Jon Evans, President and CEO of ACBI and ACBB. “It will allow us to offer customers more competitive technology-focused banking and financial services of the future. We look forward to providing customers with robust service offerings and increased banking technology services to drive their profitability. In addition, it will enhance our aggregation capabilities resulting in more purchasing power for our customers. We remain focused on increasing value to community banks so they may better serve their customers and communities.”
Craig Howie, President and CEO of BBNFC and BBN said, “This opportunity will not only strengthen our traditional correspondent service offerings, like settlement, coin & currency and loan participations, but will allow us to enhance and scale our capabilities with existing services such as international remittance processing and loan review. We are also excited to be offering more in the way of technology products with the telecommunication services of BITS and the introduction of our customer loan marketplace portal. This transaction ensures that community financial institutions in New England will have a cooperative bankers’ bank to serve their correspondent services needs for the long-haul.”
The proposed merger requires the approval of BBNFC shareholders as well as all appropriate regulatory agencies.
The ACBB, Camp Hill, Pennsylvania and BBN, Glastonbury, Connecticut offices will both remain open and will continue serving customers during and after the merger. Jon Evans will continue to serve in the role as President and CEO of ACBB, including the merged BBN Glastonbury, Connecticut operations. Craig Howie will serve as Senior Executive Vice President and will have responsibility for the New England region as well as sales, marketing and product development.
Any customers with questions regarding the merger or service offers available should contact Jon Evans, President and CEO of ACBB at 717-441-4616 or at email@example.com or Craig Howie, President and CEO of BBN at 860-266-2577 or at firstname.lastname@example.org.
Owned and managed by community bankers for community bankers, ACBB has been serving financial institutions since 1983. ACBB specializes in helping community banks remain profitable and competitive. The bank provides correspondent services to over 300 shareholder banks in addition to many non-shareholder banks throughout the Mid-Atlantic and Northeastern regions offering both credit and non-credit services. ACBB works with community banks of all sizes, including regional financial institutions. ACBB is headquartered in Camp Hill, Pennsylvania, with a branch office in Newark, New Jersey, where their technology subsidiary, ACBB-BITS, is headquartered. For more information about ACBB visit www.acbb.com.
BBN was formed in 1998 as a Connecticut chartered banker’s bank. BBN provides leading edge products, services and technology for community bankers — all with unparalleled client service. The bank is dedicated to delivering high quality and competitively-priced solutions to community financial institutions. For more information about BBN visit www.bbnfirst.com.