Delmar Bancorp parent company of The Bank of Delmarva has completed its merger-acquisition of with Liberty Bell Bank, Marlton, NJ.
The Liberty Bell Bank offices will use the Liberty badge, and under the name Liberty Bell Bank, a Division of The Bank of Delmarva.
“Delmarva is excited about the opportunities this merger affords both of our fine organizations,” stated John Breda, CEO of Delmarva. “Liberty is a respected community bank, and provides a significant opportunity for Delmarva to expand our market area by capitalizing on the strong relationships Liberty has fostered over the years.”
Liberty had been struggling with inadequate capital, but had been released from supervision prior to the merger.
The Bank of Delmarva, established in 1896, currently operates 11 full-service branch locations in Wicomico and Worcester County, MD and Sussex County, DE. The addition of the three Liberty locations in Evesham, Cherry Hill, and Moorestown, will bring Delmarva’s footprint to a total of 14 branch locations.
As of December 31, 2017, Liberty had approximately $152.5 million in assets, $123.6 million in loans and $141.4 million in deposits. The Bank of Delmarva surpassed $562.3 million in assets in 2017, with $462.7 million in loans and $465.5 million in deposits.
The combined company is expected to have in excess of $700 million of assets, $580 million in loans and $600 million in deposits.
The purchase continues a trend of smaller banks either buying or merging, due to the costs of compliance with banking regulations.
A bill that seems to be likely to be passed by the U.S. Senate aims to ease some of the restrictions for banks under $10 billion in assets.
The Bank of Delmarva is a locally owned and managed commercial bank offering a range of financial services, including small to mid-size lending and retail deposit products.
Delmarva’s main office is in Seaford, and operates an administrative headquarters in Salisbury, MD.
For more information, visit www.bankofdelmarva.com.
