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Pittsburgh-based Dollar Bank will acquire Virginia Beach’s Bank @Lantec later this year, according to a release.
The boards of directors at both banks have approved the merger, which is expected to close in the fourth quarter of 2016, the release said. The banks are owned by depositors. Dollar Bank will retain all @lantec employees and will continue operations at its four Virginia branches.
Susan Ralston, president and CEO of Bank @Lantec, will lead Dollar Bank’s Virginia operations as senior vice president and chief operating officer.
“This merger will further advance the position of having a stronger mutual institution available as an option to compete with national stock-based banks in this region,” Ralston said in the release.
Dollar Bank, whose assets exceed $7.4 billion, is the largest independent mutual bank in the country, according to the release. Its assets would grow to more than $7.5 billion with the merger. The bank currently has more than 60 locations in the Pittsburgh and Cleveland metropolitan areas.
The release said Dollar Bank is looking to acquire smaller mutual banks, according to its president and CEO, Jim McQuade.