Customers Bancorp, Inc. to Acquire Acacia Federal Savings Bank
Wyomissing, Pa.; Falls Church, Va.; Lincoln, Neb. //June 21, 2012 // Customers Bancorp Inc., the parent company of Customers Bank, announced today it has entered into a definitive agreement to acquire 100 percent of the stock of Acacia Federal Savings Bank, a wholly owned subsidiary of Ameritas Mutual Holding Company (Ameritas).
The agreement follows a decision by the Ameritas Board of Directors to recommit its focus and energy on its core insurance and investment business and sell the banking division due to the impact of new regulations associated with the Dodd-Frank Act. Subject to receiving regulatory approval, the transaction is targeted to be complete by October 31, 2012, and will result in Ameritas becoming the largest stockholder of Customers Bancorp, Inc.
Acacia Federal Savings Bank, a $1.0 billion federal savings bank with one branch located in Falls Church, Virginia, has a 27 year history of providing high value deposit and lending products to the greater Washington, D.C. community.
Jay S. Sidhu, chairman and chief executive officer of Customers Bank, commented, “We look forward to providing the many individuals, families and small and medium size business customers of Acacia Federal Savings Bank with our ‘high touch, high tech’ bank services and products. Customers Bank utilizes a simple to use and understandable approach to banking and places a high value on convenience, pricing and exceptional customer service. We believe this customer centric model will continue to drive outstanding growth.”
“We view this as a very positive transaction for the long-term interest of our mutual policyholders and it creates new growth opportunities for our current Acacia Federal Savings Bank customers and employees,” said JoAnn M. Martin, president and chief executive officer of Ameritas. “We are confident that our current Acacia Federal Savings Bank clients will be well served by Customers Bank. The Ameritas investment in Customers Bancorp, Inc. demonstrates our commitment to their future success and growth.”
Acacia Federal Savings Bank customers will benefit from a robust variety of loan and deposit products along with enhanced technology, customer service and online services.
James Barber, chairman and chief executive officer of Acacia Federal Savings Bank, said, “From our perspective, Customers Bank is a great partner to ensure our customers will continue to receive personalized service across all channels and will have access to innovative bank products and technology. There will be new growth and expansion prospects for Customers Bank in the Washington, D.C. market.”
Including the transaction, Customers Bank would have $2.7 billion in assets and 15 branch locations in Pennsylvania, New Jersey, New York and Virginia.
About Customers Bancorp and Customers Bank
Customers Bancorp, Inc. (the “Bancorp”) is a bank holding company based in Wyomissing, Pennsylvania. Customers Bank, a wholly-owned subsidiary of the Bancorp, is a state-chartered, full-service bank headquartered in Phoenixville, Pennsylvania. The Bank is a member of the Federal Reserve System and is insured by the Federal Deposit Insurance Corporation (FDIC). With assets of about $2.0 billion, the Bancorp provides a full range of banking services to small and medium-sized businesses, professionals, individuals and families through branches currently located in Pennsylvania, New York and New Jersey. The Bank is focused on serving its targeted markets with a growth strategy that includes strategically placed branches throughout its market area and continually expanding its portfolio of loans to small businesses and consumers.
Ameritas – Ameritas Life Insurance Corp., Ameritas Life Insurance Corp. of New York, Acacia Life Insurance Company, The Union Central Life Insurance Company and affiliated companies – offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans; investments; mutual funds; asset management; banking and public finance. For more information, visit ameritas.com.
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