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 the completion of their merger.
Camp Hill, Pennsylvania – Atlantic Community Bancshares, Inc. and BBN Financial Corp. announced that they have completed the merger of the two holding companies and the respective banks, Atlantic Community Bankers Bank (ACBB) and Bankers’ Bank Northeast. The combined institution will have $800 million in assets and will operate in eleven states throughout the Mid-Atlantic and the Northeast. As of January 2, 2018, the Connecticut office of ACBB will continue to offer the existing correspondent services until the two systems are merged in April 2018.
“This merger creates additional value for our community financial institutions with a stronger bankers’ bank dedicated to helping our institutions grow, compete and save money.” said Jon Evans, President and CEO of Atlantic Community Bancshares, Inc. and ACBB. “We will operate three offices in Camp Hill, Pennsylvania, Newark, New Jersey and Glastonbury, Connecticut in order to better serve our clients in the mid-Atlantic and New England regions.”
“We are pleased with this strategic partnership that will expand resources to clients along the eastern seaboard. We will continue to create superior, lasting banking relationships with the primary purpose of making clients more successful. This merger will expand our correspondent services and lending capabilities, as well as our ability to offer new innovative technology solutions that are in beta testing, thereby allowing us to be more competitive throughout our marketplace.” Said Craig Howie, Senior Executive Vice President of ACBB.
The merger was approved by the Board of Directors of the holding companies for ACBB and BBN. The merger received state and federal regulatory approval in December.
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 450 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 Glastonbury, CT and in Newark, New Jersey, where their technology subsidiary, ACBB-BITS, is headquartered. For more information about ACBB visit www.acbb.com.