Alma Bank in Long Island City, N.Y., has agreed to buy American Community Bancorp in Glen Cove, N.Y.
The $1.6 billion-asset Alma said in a press release that it plans to purchase the parent of the $300 million-asset American Community Bank in the first quarter. The price wasn’t disclosed.
“This partnership is grounded in a shared belief that banking is, first and foremost, about people,” Michael Psyllos, Alma’s president and CEO, said in the release. American Community “has built a respected franchise by earning the trust of its clients, supporting its employees and remaining deeply connected to the communities it serves. Those values closely reflect our own and will continue to guide us as we bring our organizations together.”
Anthony Capobianco, American Community’s president and CEO, will join Aidelma’s board and serve as a senior vice president. Aldo Verrelli, American Community’s chairman, will also join Alma’s board.