Penn Community Bank is planning to expand into Montgomery County through the acquisition of Chelten Hills Savings Bank in Abington, writes Alison Burdo for Philadelphia Business Journal.

The addition of Chelten Hills will bring Penn Community Bank to a total of 24 branches and two administrative centers. Penn Community also announced that lease negotiations are underway for a new location for the branch that will “continue to serve the Chelten Hills customers.”

The merger has yet to be approved by both state and federal regulators.

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However, once the process is complete, W. Russell Koerwer, Chelten Hills Savings Bank’s CEO, plans to retire but retain his seat on the advisory board. Chelten Hills’ two employees will be offered positions at the newly combined bank.

“Our customers’ financial needs have evolved a great deal since our original founding in 1910,” said Koerwer. “Our customers today want all the convenience of modern banking services, with the personal touch that only a community bank can provide. We found the best of both in Penn Community Bank.”

Read more about the planned acquisition at Philadelphia Business Journal by clicking here.

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