On June 5, 2017, Chelten Hills Savings Bank (“Chelten Hills”), Abington, Pennsylvania, and Penn Community Bank (“Penn Community”), Doylestown, Pennsylvania, announced that Chelten Hills will merge with and into Penn Community, with Penn Community as the resulting institution. The combined institution will have total assets of approximately $1.9 billion.
Luse Gorman served as legal counsel to Chelten Hills in the transaction. The Luse Gorman team was led by Kent Krudys, Scott Brown and Lawrence Spaccasi (Corporate/M&A) and Thomas Hutton (Executive Compensation).
Chelten Hills is a Pennsylvania chartered mutual savings bank.
Penn Community is a Pennsylvania chartered savings bank and is the subsidiary of Penn Community Mutual Holdings, Inc., a Pennsylvania chartered mutual holding company.