LIMERICK, Pa., March 8, 2021 /PRNewswire/ -- Victory Bancorp Inc. (OTCQX:VTYB), based in Limerick, PA, focused on business banking, today announced that Joseph Major, CEO & Chairman will present live at VirtualInvestorConferences.com on March 10th.
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
Deposits grew to $337.0 million at December 31, 2020, from $247.8 million at December 31, 2019, a 36.0% increase. Including SBA PPP loans, net loans increased 16.7% to $283.6 million at December 31, 2020, from $243.1 million at December 31, 2019. Total assets increased by $150.1 million to $429.4 million as of December 31, 2020, an increase of 53.8% over one year.
Bank Leader, Joseph W. Major, stated, "Despite ongoing economic disruption, the bank experienced substantial asset and deposit growth in 2020, and generated record-setting fourth-quarter results. We've been able to quickly identify changing circumstances in the community and adapt to meet the needs of our clients. For most of 2020, we focused on meeting those needs while balancing the safety of our clients and employees. Most notably, our team remained steadfast in their commitment to our clients and closed over $60 million of Small Business Administration Paycheck Protection loans, processing approximately 577 loan applications, helping businesses in our communities protect 7,277 local jobs. In addition, the bank has been an active participant in phase III of the PPP program during the first quarter of 2021."
"Also, in late June 2020, Victory Bancorp completed the issuance of $10 million of 10-year, fixed to floating subordinated debt, to be used to bolster the bank's capital ratios and allow for continued growth and stability. In addition, we achieved a Five-Star rating from Bauer Financial, Inc., and were named The Best Bank in Montgomery County for the fourth year in a row."
The Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (https://www.otcmarkets.com) and is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank, headquartered in Limerick, Pennsylvania. The Victory Bank was established in 2008. Victory provides high-quality banking services to small and mid-sized businesses and professionals through its two offices located in Montgomery and Berks Counties, Pennsylvania.
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