|Victory Bank to merge with OH bank in April.|
By Jessie Eden
Victory Community Bank in Fort Thomas has announced that it will be merge with Heartland BancCorp. The Victory Community Bank building, located at 600 S. Fort Thomas Avenue, is also home to Essential Elements Yoga and Massage. The 600 block of S. Fort Thomas Avenue sits between Rossmore and Bivouac, in a small commercial zone.
The Heartland BancCorp company is the holding company for Heartland Bank, an Ohio state member bank. Heartland Bank will survive the merger and all three Victory Community Bank locations in Florence/Union, Fort Thomas, and Fort Mitchell will now be Heartland Bank locations.
All three locations will remain open after the merger. The merger was announced back in December but it will not be finalized until April 2020. Current bank customers have been made aware of this.
Victory Community Bank was established 16 years ago and also manages sister company Victory Mortgage. After the merger, Victory Mortgage will enter into an agreement with Heartland Bank for certain products and services.
Upon completion of the transaction, John G. “Jack” Kenkel, Jr., currently President and CEO of Victory Community Bank, will join Heartland’s Board of Directors.
|Victory Community Bank on S. Fort Thomas Ave. enters merger with Ohio bank. |
“Being able to partner with a strong community bank that is focused on providing great customer service and has a deep commitment to the communities where it operates, is a great opportunity for us,” said Jack. “We look forward to partnering our mortgage business with Heartland for years to come.”
Based on the closing price of Heartland common stock on November 29, 2019, the transaction for all three Victory Community Bank locations will be around $41 million.
In May 2019, Heartland was ranked #44 on the American Banker Magazine’s list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity (“ROE”) as of 12/31/18.
“We are thrilled to have Victory Community Bank and its employees join the Heartland team,” said G. Scott McComb, Chairman and CEO of Heartland. “This transaction expands Heartland’s presence in the attractive Northern Kentucky and Cincinnati markets and represents a complementary fit, both strategically and culturally, with Heartland’s business model. Victory’s strong non-interest income generation complements our own strategies and its loan portfolio provides diversity to our balance sheet. The combination of our two organizations provides the opportunity to create efficiencies and enhance the value of the combined company while offering Victory customers a broader product offering, increased lending limits and an expanded branch delivery system.”