SALISBURY, Md. and MARLTON, N.J., March 01, 2018 (GLOBE NEWSWIRE) -- Delmar Bancorp (“Delmar”) (OTCQB:DBCP), the parent company of The Bank of Delmarva, Seaford, Delaware (“Delmarva”), has completed its merger, effective March 1, 2018, with Liberty Bell Bank, Marlton, New Jersey (“Liberty”) (OTCQB:LBBB).
Liberty has established a strong brand in the Burlington and Camden Counties of New Jersey market, so accordingly, the legacy Liberty Bell Bank offices will continue to operate indefinitely using the Liberty badge, and under the name Liberty Bell Bank, a Division of The Bank of Delmarva.
“Delmarva is excited about the opportunities this merger affords both of our fine organizations,” stated John Breda, President and CEO of Delmarva. “Liberty is a respected community bank, and provides a significant opportunity for Delmarva to expand our market area by capitalizing on the strong relationships Liberty has fostered over the years.”
The Bank of Delmarva, established in 1896, currently operates eleven full-service branch locations in Wicomico and Worcester County, Maryland and Sussex County, Delaware. The addition of the three Liberty locations in Evesham, Cherry Hill, and Moorestown, New Jersey, will bring Delmarva’s brick and mortar footprint to a total of 14 branch locations.
At December 31, 2017, Liberty had approximately $152.5 million in assets, $123.6 million in loans and $141.4 million in deposits. The Bank of Delmarva surpassed $562.3 million in assets in 2017, with $462.7 million in loans and $465.5 million in deposits. The combined company is expected to have in excess of $700 million of assets, $580 million in loans and $600 million in deposits.
The Bank of Delmarva prides itself on being a sound, high quality, progressive, friendly place to conduct banking. The bank is a locally owned and managed commercial bank offering a full range of financial services, including small to mid-size lending and retail deposit products. The Bank of Delmarva believes that the merger will enhance its competitive strategic position, potential prospective business opportunities, operations, management, prospective financial condition, future earnings and business prospects. The market diversity and enhanced products and services in the target’s market should lead to prospects of enhancing customer relationships, lower operating costs, increased earnings, and enhanced profitability from better and more diversified sources and higher yielding products in target’s market, which should enhance overall performance and profitability.
About Delmar Bancorp: Delmar Bancorp is the holding company for The Bank of Delmarva, which commenced operations in 1896. Delmarva’s main office is in Seaford, Delaware, and it conducts full service commercial banking through 11 offices located in Wicomico and Worcester Counties in Maryland, and Sussex County in Delaware, and now 3 additional offices located in Burlington and Camden Counties in New Jersey.
For more information about The Bank of Delmarva, please visit www.bankofdelmarva.com or contact customer service at 410-548-7892.
CONTACT:
DELMAR BANCORP
John W. Breda
President and CEO
410-548-1100