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.
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