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Based on financial data as of Sept. 30, 2018, the combined organization would have total assets of approximately $154.2 million, net loans of $127.2 million and total deposits of $106.3 million upon completion of the merger, according to the release.
Valley Central Bank is a community bank that operates through its main office in Liberty Twp., a full-service branch in Reading, and a loan production office in Montgomery. At Sept. 30, 2018, the company had total consolidated assets of approximately $111.4 million and equity of $27.6 million.
American Savings Bank is a community bank that is also 100 percent member owned and operates two banking offices in Middletown. At Sept. 30, 2018, ASB had total assets of approximately $42.8 million and equity of approximately $7.8 million.
Under the terms of the merger agreement, ASB’s customers at the time of the merger will become customers of Valley Central Bank as if their accounts had been established at Valley Central Bank on the date established at ASB. Members of ASB will become full members of Valley Central MHC.
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The transaction is expected to close in the second half of 2019, subject to conditions including regulatory approvals and approval of ASB’s members, the release said.
It’s expected the boards of directors of both banking institutions will combine. Valley Central Bank’s and Valley Central’s directors include Ben Kessling, Don Vonderhaar, Mike Hinger, Brian Reisert, and Joanna Gaynor, and ASB’s board includes Ed Pokora, Vaden Fitton and James Papakirk.
Kessling, Valley Central’s board chairman, will serve as chairman of the boards of the resulting organization.
Joanna L. Gaynor, chief executive officer of Valley Central Bank and Valley Central, will remain in her positions and Fred G. DeBiasi, president and CEO of ASB, will become the president and chief operating officer of Valley Central Bank and Valley Central, MHC.