Quakertown-based QNB Bank has officially completed its acquisition of Montgomery County’s Victory Bank, writes Amy Unger for WFMZ 69 News.
The all-stock deal was first announced last September for $40.97 million.
Victory Bank will now serve as a division of QNB Bank until Victory’s systems are converted to QNB in mid-June. Victory Bank offices and branches will then reopen as QNB locations.
Victory’s Chairman, President, and Chief Executive Officer, Joseph Major, will be joining QNB’s Board of Directors.
“This transaction represents the successful completion of a strategic combination that strengthens QNB Bank’s franchise and expands our ability to serve customers, enriching the local banking experience, throughout the region,” said David Freeman, President and Chief Executive Officer of QNB, in a press release.
“Operating Victory Bank as a division during the interim period ensures a seamless transition as we prepare for full systems integration in June,” he continued.
QNB has locations throughout Bucks, Montgomery, and Lehigh counties, while Victory has branches in Limerick and Horsham and loan offices in Horsham and Berks County’s Spring Township.
Read more about Quakertown-based QNB Bank’s acquisition of Victory Bank at WFMZ 69 News.
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