PHILADELPHIA, Nov. 10, 2015 /PRNewswire/ -- Stonebridge Financial Corp., a bank holding company located in West Chester, Pennsylvania, announced today, that pending regulatory approval, it will sell its wholly owned subsidiary, Stonebridge Bank. The bank holding company filed a voluntary petition in the United States Bankruptcy Court for the Eastern District of Pennsylvania. The sale of the bank under section 363 of the Bankruptcy Code to the highest and best bidder was approved by the court on Monday, November 9, 2015. A group of investors has signed a purchase agreement and pending regulatory approval intends to close on the proposed transaction during the second quarter of 2016.
"The sale of Stonebridge Bank through the 363 sale process will create a bank poised for growth," Daniel J. Machon, Jr., President and CEO of Stonebridge Financial Corp. and Stonebridge Bank, said in a statement. "Upon approval by the regulatory authorities, the bank will continue its mission to create a strong and secure community bank. Upon closing, the bank's balance sheet and financial position should be greatly improved."
"We are very excited with the opportunity ahead of us. The recent merger activities in the marketplace, and expectations of further consolidation, have created an opening for a locally-owned and based community bank in the south-central Pennsylvania region. We are pleased that Stonebridge Bank, pending regulatory approval, will be the platform from which to execute our vision and mission," commented former State Representative Gordon Denlinger, lead investor.
This news release may contain "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995, such as statements of the Corporation's goals, targets, plans, expectations, projections, estimates and intentions. Stonebridge Financial Corp. cautions that results and events subject to forward-looking statements could differ materially due to the following factors: possible changes in economic and business conditions, possible changes in monetary and fiscal policies, laws and regulation; possible changes in credit worthiness of customers and the possible impairment of loans; the effects of changing interest rates and other risks and factors.
About Stonebridge Financial Corp.
Stonebridge Financial Corp. was formed in 1999 as the parent company to Stonebridge Bank. Based in West Chester, PA, Stonebridge Bank serves commercial and retail banking customers through its banking office in West Chester, PA. In addition, Stonebridge Bank offers a complete range of banking services at its branch location and through its website, www.stonebridgebank.com.
SOURCE Stonebridge Financial Corp.