Two Bucks County Banks Announce Plans to Merge

Two Bucks County banks—First Savings Bank of Perkasie and First Federal of Bucks County—plan to merge, the financial institutions announced Wednesday.

Both banks’ boards of directors voted earlier this week to approve the agreement to combine. The proposed transaction must receive approval from the Federal Reserve, the Pennsylvania Department of Banking and Securities, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

The closing is anticipated to happen in the second quarter of 2015. The new bank will have a new name but will remain a mutual organization.

The new bank will remain an independent, locally-owned mutual financial organization, according to a press release announcing the merger. Bank leaders do not anticipate that any of the current offices will be closed as a result of the unification.

Bank leaders said the merger will extend the banks’ footprint, combine their capital reserves and allow them to offer more financial products and services.

“This union brings together two local companies that share the same philosophy and commitment to our communities,” said Jeane Coyle, President and CEO of First Federal of Bucks County. “Together, we can offer financial services that span our customers’ lives, from their initial savings and checking accounts to their mortgages, retirement planning and insurance needs, while serving all of Bucks County, from Bristol to Quakertown.”

First Federal of Bucks County has 12 locations throughout Bucks County. First Savings also has 12 locations throughout Central and Upper Bucks County.

Bank leaders said they began discussing the possibility of joining forces earlier this year after First Savings President and CEO Frederick Schea announced plans to retire by the end of 2016.

“Banking is what we do, but this unification is not about cutting costs,” said Coyle, who will be President and CEO of the new bank. “It is about ensuring that we will continue to serve our communities with compassion, integrity and efficiency for many years to come.”