Dollar Bank to acquire Bank @lantec of Virginia Beach
Pittsburgh-based Dollar Bank announced Tuesday it will acquire Virginia Beach-based Bank @Lantec.
Both banks are mutual banks, owned by depositors rather than shareholders. The boards of directors at both banks have approved the merger, which is expected to close in the fourth quarter of 2016.
Dollar Bank will retain all Bank @lantec employees and will continue to operate all four of Virginia’s branch offices. Susan Ralston, president and CEO of Bank @Lantec, will 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,” Ralston said in a statement.
Dollar Bank is the largest independent mutual bank in the country with assets of more than $7.4 billion. Post merger, its assets would growth to more than $7.5 billion. The bank currently has more than 60 locations in the Pittsburg and Cleveland metropolitan areas.
Jim McQuade, president and CEO of Dollar Bank, said Dollar Bank is looking to acquire smaller mutual banks.
“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,” McQuade said.