Pittsburgh-based Dollar Bank announced Tuesday it will acquire Virginia Beach-based Bank @Lantec.
Both banks are mutual banks, owned by depositors rather than shareholders. The boards of directors at both banks have approved the merger, which is expected to close in the fourth quarter of 2016.
Dollar Bank will retain all Bank @lantec employees and will continue to operate all four of Virginia’s branch offices. Susan Ralston, president and CEO of Bank @Lantec, will lead Dollar Bank’s Virginia operations as senior vice president and chief operating officer.
“This merger will further advance the position of having a stronger mutual institution available as an option to compete with national stock-based banks in this region,” Ralston said in a statement.
