PITTSBURGH, PA--(Marketwired - June 28, 2016) - Dollar Bank announced today that they have agreed to merge with Virginia-based Bank @lantec. Both institutions are mutual banks. "We are excited to be merging with Dollar Bank," said Susan Ralston, President and CEO of Bank @lantec. "When we were assessing growth strategies and possible merger partners, it was impossible not to be impressed by Dollar Bank's financial strength and its long history of service to its members, employees and community."
The Board of Directors for both Bank @lantec and Dollar Bank have given approval and the merger is expected to be complete in the fourth quarter of 2016, subject to the approval of regulators. Dollar Bank will retain all Bank @lantec employees and will continue to operate all four Virginia branch offices. Following the merger, Dollar Bank's asset size will grow to over $7.5 billion.
"We believe independent mutual banks are important financial options for our members and our communities," said Jim McQuade, President and CEO of Dollar Bank. "Dollar Bank is proud to be the largest federally chartered mutual bank in the country and we celebrated our 160th anniversary over the past year. The merger with Bank @lantec permits us to enter a new market and utilize our extensive resources to provide more services to their members. Our hope is that this type of merger between two mutual banks can be a role model for other mergers with mutual banks in the future. Our advertising captures the benefit of mutuality... Serving The Needs Of Main Street Not Wall Street! "
Susan Ralston will continue to lead Dollar Bank's Virginia operations as Senior Vice President and Chief Operating Officer. "This merger will further advance the position of having a stronger mutual institution available as an option to compete with national stock based banks in this region," stated Ms. Ralston. "I am excited that Dollar Bank has asked me to utilize my substantial local knowledge and my commitment to giving back to our communities. I am very excited about Dollar Bank's future ability to serve the financial needs of this region."
Mr. McQuade summarized his institution's merger interests. "Dollar Bank believes in mutuality. We want to use our significant financial strength to expand our footprint in both markets we currently serve, as well as new markets, when appropriate, to offer customers what we believe is the purest form of community banking." There are many smaller mutual banks, such as Bank @lantec, operating today in an ever-changing market place. Increased compliance costs, reduced profitability and the constant race to stay current with technology make day-to-day operations challenging. Dollar Bank can merge with these like-minded mutual institutions, offering them cutting-edge products, services and compliance and technology support. Dollar Bank hopes this will help secure continued service of the financial needs of America's Main Streets.
About Dollar Bank
Founded in 1855, Dollar Bank has evolved into one of the most successful and highly regarded mutual banks in the country. It is the largest independent mutual bank in the nation with assets of over $7.4 billion.* Today, Dollar Bank operates more than 60 locations throughout the Pittsburgh and Cleveland metropolitan areas and has over 1,300 employees. For over 160 years, Dollar Bank has grown to become a large, full service, regional bank committed to providing the highest quality of banking services to individuals as well as businesses utilizing cash management, small business and corporate banking services. Dollar Bank (www.dollar.bank) is headquartered in Pittsburgh, Pennsylvania.
* Source: FDIC.gov, Mutual Institutions as of 3/31/16
About Bank @lantec
Bank @lantec, based in Virginia Beach Virginia, is an independent mutual community bank providing consumers and small businesses with four conveniently located branches throughout the Southside Hampton Roads community. Services and products offered include a vast array of deposit products, mortgages, business banking and comprehensive online banking and bill pay. For additional information, please visit www.whereibank.com.
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