Willow Grove Bancorp and Chester Valley Bancorp Announce Combined Management Team
February 01 2005 - 4:14PM
PR Newswire (US)
Willow Grove Bancorp and Chester Valley Bancorp Announce Combined
Management Team MAPLE GLEN, Pa., and DOWNINGTOWN, Pa., Feb. 1
/PRNewswire-FirstCall/ -- Today, Willow Grove Bancorp (NASDAQ:WGBC)
and Chester Valley Bancorp (NASDAQ:CVAL) announced the management
team that will lead the combined bank upon closing of their
recently announced merger. The combined bank's management team will
draw from the best of both banks. As announced previously, Chester
Valley President and CEO Donna Coughey will be named President and
CEO of the combined bank. Willow Grove President and CEO Fred
Marcell will continue to serve on the Boards of Directors of the
bank and the holding company. Joining Donna Coughey from the
Chester Valley organization will be Joseph T. Crowley, Chief
Financial Officer; Matthew D. Kelly, Chief Wealth Management
Officer; and G. Richard Bertolet, Chief Lending and Sales Officer.
From the Willow Grove side, senior executives will include
Christopher E. Bell, Chief Operating Officer; Jerome P. Arrison,
Treasurer; and Ammon J. Baus, Chief Credit Officer. Donna Coughey
said, "I'm pleased at the prospect of joining with this group of
talented and experienced individuals. Our team brings nearly 200
years of combined banking and financial services industry
experience to the table from both large and small banks, commercial
banks and thrifts. I'd gladly stack this group up against any bank
leadership team in the region." Fred Marcell added, "The game plan
for the combined bank is to attack a great market opportunity for a
locally based, locally focused community bank with enhanced
resources. The team that we have assembled to lead this
organization clearly has the talent to seize the day and drive our
growth strategy, which we expect to result in greater shareholder
value." The bank will also introduce two Regional Presidents: John
Powers will serve as Regional President of the Willow Grove Bank
region, and Colin Maropis will serve as Regional President of the
First Financial Bank region. John and Colin will lead the local
banks and will report to Dick Bertolet, Chief Lending and Sales
Officer. Donna Coughey added, "We believe the appointment of
regional presidents will allow us to maintain our strong local
roots. John and Colin are longstanding bank employees and
well-respected members of their local communities who have their
fingers on the pulse of the local communities." Willow Grove
Bancorp, Inc. is the holding company for Willow Grove Bank, a
federally chartered savings bank. The Bank was founded in 1909 and
conducts its business from its headquarters in Maple Glen,
Pennsylvania, with additional branch locations in Bustleton,
Dresher, Hatboro, Holland, Huntingdon Valley, North Wales,
Rhawnhurst, Roslyn Valley, Somerton, Southampton, Warminster and
Willow Grove. Additional information is available at:
http://www.willowgrovebank.com/. Chester Valley Bancorp Inc. is the
parent company of both First Financial Bank and Philadelphia
Corporation for Investment Services. First Financial Bank's
executive offices are located in Downingtown, Pennsylvania with
additional branch locations in Exton, Frazer, Thorndale, Westtown,
Airport Village, Brandywine Square, Devon, Kennett Square, Eagle,
Coatesville, Avondale and West Chester. Philadelphia Corporation
has offices in Wayne and Philadelphia. This press release contains
certain forward-looking statements with respect to the financial
condition, results of operations and business of Willow Grove upon
consummation of the acquisition of Chester Valley, including
statements relating to: (a) the anticipated combined results of
Willow Grove and Chester Valley and (b) the combined operation and
management team after the merger. These forward-looking statements
involve certain risks and uncertainties. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, among others, the following
possibilities: (1) estimated cost savings from the acquisition
cannot be fully realized within the expected time frame; (2)
revenues following the acquisition are lower than expected; (3)
competitive pressure among depository institutions increases
significantly; (4) costs or difficulties related to the integration
of the businesses of Willow Grove and Chester Valley are greater
than expected; (5) changes in the interest rate environment reduce
interest margins; (6) general economic conditions, either
nationally or in the markets in which Willow Grove will be doing
business, are less favorable than expected; or (7) legislation or
changes in regulatory requirements adversely affect the businesses
in which Willow Grove would be engaged. Willow Grove and Chester
Valley will be filing relevant documents concerning the merger with
the Securities and Exchange Commission, including a registration
statement on Form S-4 containing a prospectus/proxy statement. WE
URGE INVESTORS TO READ THESE DOCUMENTS BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors will be able to obtain these
documents free of charge at the SEC's website, http://www.sec.gov/.
In addition, documents filed with the SEC by Willow Grove will be
available free of charge from the Secretary of Willow Grove, Welsh
and Norristown Roads, Maple Glen, Pennsylvania 19002, and documents
filed with the SEC by Chester Valley will be available free of
charge from the Secretary of Chester Valley, 100 East Lancaster
Avenue, Downingtown, Pennsylvania 19335. The directors and
executive officers of Chester Valley and Willow Grove may be deemed
to be participants in the solicitation of proxies to approve the
merger. Information about the directors and executive officers of
Chester Valley and ownership of Chester Valley common stock is set
forth in the proxy statement filed by Chester Valley with the SEC
on September 10, 2004. Information about the directors and
executive officers of Willow Grove and ownership of Willow Grove
common stock is set forth in the proxy statement filed by Willow
Grove with the SEC on October 8, 2004. Additional information about
the interests of those participants may be obtained from reading
the definitive prospectus/proxy statement regarding the proposed
acquisition when it becomes available. CHESTER VALLEY INVESTORS
SHOULD READ THE PROSPECTUS/PROXY STATEMENT AND OTHER DOCUMENTS TO
BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING
THE MERGER. DATASOURCE: Willow Grove Bancorp, Inc.; Chester Valley
Bancorp Inc. CONTACT: Media: Anthony J. DeFazio, Gregory FCA
Communications, +1-610-642-8253 x 13 or Investors: Paul E. Johnson,
Gregory FCA Communications, +1-610-642-8253 x 15, both for Willow
Grove Bancorp and Chester Valley Bancorp Web site:
http://www.willowgrovebank.com/
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