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Penn Community Bank, Chelten Hills Savings Bank to merge

In Pennsylvania, Doylestown-based Penn Community Bank and Abington-based Chelten Hills Savings Bank are merging.

SNL valuations for bank and thrift targets in the Mid Atlantic region between June 5, 2016, and June 5, 2017, averaged 136.57% of book, 141.41% of tangible book and had a median of 28.42x last-12 months-earnings, on an aggregate basis.

The transaction is subject to regulatory approval and is expected to be completed by the end of 2017. Representatives from both parties will form an advisory board to oversee the deal.

Chelten Hills Savings Bank's two full-time employees will be offered positions with Penn Community Bank. Chelten Hills Savings Bank President and CEO W. Russell Koerwer is planning to retire once the two organizations merge, but he will continue to serve on the advisory board.

It was also noted in the merger release that Penn Community Bank is actively negotiating to enter into a lease for a new branch in Abington, Montgomery County, set to continue serving Chelten Hills customers.

As of March 31, Penn Community Bank had assets of $1.96 billion, while Chelten Hills Savings Bank had assets of $25.7 million. Under the merger of mutuals, the combined bank will operate one branch in Montgomery County, Pa., to be ranked No. 33 with a 0.09% share of approximately $26.56 billion in total market deposits and will operate 24 branches in Bucks County, Pa., to be ranked fourth with a 7.48% share of approximately $17.83 billion in total market deposits.

Penn Community Bank is a unit of Penn Community Financial Corp. Its ultimate parent is Penn Community Mutual Holdings Inc.

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