QUAKERTOWN, PA — QNB Corp. (OTCQX: QNBC) completed its acquisition of Victory Bancorp Inc., the parent company of The Victory Bank, on April 1 after receiving regulatory and shareholder approvals.
The transaction expands QNB Bank’s presence across Montgomery, Bucks, and Lehigh counties and adds Victory Bank’s operations to its network.
QNB Bank will operate Victory Bank as a division during an interim period from April through mid-June while systems and operations are integrated.
Victory Bank’s systems are scheduled to convert to QNB Bank during the weekend of June 19 through June 21, with branches reopening as fully integrated QNB Bank locations on Monday, June 22.
Following the conversion, customers will have access to 14 full-service QNB Bank offices across the region.
As part of the transaction, Joseph W. Major, former chairman, president, and chief executive officer of Victory, and Kevin L. Johnson, president of Traffic Planning and Design Inc., have joined QNB Bank’s board of directors.
“Operating Victory Bank as a division during the interim period ensures a seamless transition as we prepare for full systems integration in June,” said David W. Freeman, president and chief executive officer of QNB Bank.
Victory Bank customers will receive advance communications regarding the systems conversion and key dates, the company said.
Performance Trust Capital Partners LLC served as financial advisor to QNB, while Stevens & Lee acted as legal counsel. Wolf & Company P.C. advised Victory, and Kilpatrick Townsend & Stockton LLP served as its legal counsel.
QNB Corp. is the holding company for QNB Bank, which provides banking, lending, and financial services through branches in Bucks, Lehigh, and Montgomery counties.
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