WYOMISSING, Pa., Nov. 19, 2010 /PRNewswire-FirstCall/ -- VIST
Financial Corp. (Nasdaq: VIST) announced today it has acquired,
through its subsidiary VIST Bank, most of the assets and all of the
deposits of the former Allegiance Bank of North America, Bala
Cynwyd through a purchase and assumption agreement with the
Federal Deposit Insurance Corporation (FDIC). The
Pennsylvania Department of Banking declared Allegiance Bank closed
today at 6:00 p.m. and appointed the
FDIC as Receiver.
As of September 30, 2010
Allegiance Bank had approximately $92
million in deposits and $107
million in assets. Allegiance Bank loans will be
subject to a loss-sharing agreement with the FDIC. VIST
Financial expects the acquisition to be accretive to earnings in
the fourth quarter, 2010.
For customers of Allegiance Bank the transition to VIST Bank
will be seamless. Branch offices will be open as VIST Bank on
Monday, November 22, 2010 with normal
business hours. Debit cards and online banking will continue to
work, allowing customers access to their money without disruption.
Checks drawn on the bank will continue to be processed. Loan
customers should make their payments as usual. Customers will
recognize the same familiar faces from Allegiance Bank who will
continue to take care of their banking needs.
"We are very excited for the opportunity to expand our presence
within the greater Philadelphia
market and warmly welcome Allegiance customers to the VIST
Financial family," stated Robert D.
Davis, President and Chief Executive Officer, VIST
Financial. "We believe the businesses, and community at large will
be receptive to our personalized, community approach to banking,
insurance and investments and we're looking forward to reaching out
to new and existing customers and continue to provide high levels
of service you have come to expect from Allegiance Bank," he
added.
Sandler O'Neill & Partners served as financial advisor for
VIST Financial Corp. in this transaction and Stevens & Lee
served as legal counsel.
Customers who have questions about today's transaction can call
the FDIC toll-free at 1-800-837-0215. The phone number will be
operational this evening until 9:00 p.m.,
Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., (EST); on Sunday from
noon to 6:00 p.m. (EST); and
thereafter from 8:00 a.m. to 8:00 p.m.,
EST. Interested parties also can visit the FDIC's Web site
at www.fdic.gov
About VIST Financial:
VIST Financial is a 101-year old diversified financial services
company with $1.3 billion in assets
and is headquartered in Wyomissing Berks
County, PA. VIST provides trusted advisors in banking,
insurance and wealth management to businesses and individuals
throughout Berks, Southern Schuylkill, Montgomery, Delaware, and Philadelphia Counties. At VIST Financial, our
name tells you exactly what you can expect when you do business
with us. We built our values – VISION, INTEGRITY, SOLUTIONS
AND TRUST – right into the name of our company. Learn more at
www.vistfc.com.
This release may contain forward-looking statements with respect
to the Company's beliefs, plans, objectives, goals, expectations,
anticipations, estimates, and intentions that are subject to
significant risks and uncertainties, and are subject to change
based on various factors, some of which are beyond the Company's
control. The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company.
SOURCE VIST Financial Corp.