PITTSBURGH, PA--(Marketwired - October 05, 2016) - Dollar Bank announced today that they have agreed to merge with Pittsburgh-based Progressive-Home Federal Savings and Loan. Jim McQuade, President and CEO of Dollar Bank stated, "Dollar Bank is committed to providing customers in the Pittsburgh market with the purest form of community banking. Progressive and Dollar Bank are both mutual institutions and we are excited to begin serving the Allentown and Dormont communities."
The Boards of Directors for both Progressive-Home Federal Savings and Loan and Dollar Bank have given approval and the merger is expected to be complete by the end of the first quarter of 2017, subject to approval of regulators. Dollar Bank will retain all Progressive-Home Federal Savings and Loan employees and will continue to operate the two branch offices in the Allentown and Dormont communities under the Dollar Bank name. Following the merger, Dollar Bank's assets will grow to $7.6 billion.
"We believe independent mutual banks are important financial options for our customers and our communities," said Mr. McQuade. "Dollar Bank is proud to be the largest federally chartered mutual bank in the country and we just celebrated our 161st anniversary. The merger with Progressive-Home Federal Savings and Loan permits us to grow the Pittsburgh market and utilize our extensive resources to provide more services to their members. This type of merger between two mutual banks is our second merger with a mutual bank this year."
Martin Keib, President and CEO of Progressive-Home Federal Savings and Loan echoed Mr. McQuade's thoughts, "Our merger with Dollar Bank will continue to provide our members with local management and community support. Increased compliance costs, reduced profitability and the constant race to stay current with technology make day-to-day operations challenging for a smaller institution like ours.
Our merger with Dollar Bank will expand the product offerings for our members and provide the technology enhancements required of today's banks to remain competitive. I am very excited about Dollar Bank's ability to service the future needs of our members."
Mr. McQuade summarized his institution's merger interests. "Dollar Bank believes in mutuality, a banking charter where the institution is owned by its depositors. This allows us to focus solely on our customers, not shareholders. Our advertising captures this benefit… Serving the needs of Main Street not Wall Street. We want to make sure that mutual banking remains an option in local communities. There are many smaller mutual banks, such as Progressive-Home Federal Savings and Loan, struggling in an ever changing market place. Dollar Bank can merge with these like-minded mutual institutions, offering them cutting-edge products, services and compliance and technology support. We want to use our significant financial strength to expand our footprint in the Pittsburgh market, as well as new markets, when appropriate."
About Dollar Bank
Dollar Bank is the largest independent mutual bank in the nation with assets of more than $7.4 billion.* Today, Dollar Bank operates more than 65 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 and businesses. Dollar Bank (www.dollar.bank) is headquartered in Pittsburgh, Pennsylvania.
*Source: fdic.gov, Mutual (non stock) Savings Institutions by Total Assets as of 6/30/16
About Progressive-Home Federal Savings and Loan
Established in 1942, Progressive-Home Federal Savings and Loan (PHFSL) has been known for over 74 years for their exceptional customer service personified by knowledgeable, courteous employees at their branch office locations in Dormont Borough and the Allentown section of Pittsburgh, Pennsylvania. PHFSL is a community financial institution.
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