Quakertown-based QNB Corp., the parent company of QNB Bank, has agreed to pay nearly $41 million to complete the acquisition of Limerick’s The Victory Bank, writes Jeff Blumenthal for the Philadelphia Business Journal.
The all-stock transaction will expand QNB’s presence in Montgomery County and extend it into Berks County, creating a bank that will have 14 branches, three loan production offices and $2.36 billion in assets. The deal is anticipated to close in the fourth quarter of this year or the first quarter of next year.
QNB CEO David Freeman said that the bank’s board had given the green light to exploring acquisitions in the market a year ago. He then contacted Victory CEO Joseph Major, who was seeking a strategic partner. After approximately six months of discussions, the two sides reached an agreement.
“There’s a lot of similarities in culture and how we approach business and how we serve our communities,” said Freeman.
According to the terms of the deal, QNB will buy Victory for $40.97 million, with Victory shareholders receiving 0.55 shares of QNB common stock for each Victory share they hold.
Read more about QNB Corp.’s $41 million acquisition of The Victory Bank in the Philadelphia Business Journal.
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