York Traditions Bank To Take Next Step In Evolution With Proposed Formation Of Holding Company
YORK, Pa., Dec. 23, 2020 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB), a Pennsylvania state-chartered bank with headquarters at 226 Pauline Drive, York Township, has notified the Federal Reserve, the Federal Deposit Insurance Corporation, and the Pennsylvania Department of Banking and Securities of its intentions to form a bank holding company under the name Traditions Bancorp, Inc.
If approved by the regulators, the Bank will seek shareholder approval at its Annual Shareholder Meeting to be held in April 2021. Following approval, shareholders will exchange each share of their common stock of the Bank for one share of common stock of Traditions Bancorp. York Traditions Bank will then become a wholly owned subsidiary of Traditions Bancorp.
As a result of this transaction, there will not be any changes to the Bank's leadership structure. The same persons who serve on the Board of Directors of York Traditions Bank will also serve as Directors of the holding company. The executive officers of Traditions Bancorp will be Chairman of the Board Michael E. Kochenour, President and Chief Executive Officer Eugene J. Draganosky, and Treasurer and Secretary John D. Blecher.
"We are excited about this next step in our strategic evolution as a growing financial organization," commented Gene Draganosky, President and CEO. "This reinforces our position as an independent community bank. A holding company will provide greater flexibility in carrying out business activities including the ability to raise capital. Following its formation, we expect that Traditions Bancorp, Inc. will begin to trade on the OTC Markets with a ticker symbol to be determined."
More information will be provided in the Bank's Proxy statement which is scheduled to be distributed to its shareholders on or about March 8, 2021.
ABOUT YORK TRADITIONS BANK
Formed in 2002 with administrative headquarters in York, Pennsylvania, York Traditions Bank operates six full-service branch offices located in York and Hanover, as well as a loan production office in Cumberland County. With assets of approximately $648 million and 150 associates, the bank provides depository and borrowing services to businesses and individuals located in south-central Pennsylvania. The bank is the leading provider of residential mortgages in York County and has been a Bauer Financial recommended financial institution for more than a decade.
To learn more about York Traditions Bank, visit www.yorktraditionsbank.com.
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements about York Traditions Bank that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate" or similar terminology. Such forward-looking statements include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives, goals, expectations or consequences; and statements about future performance, operations, products and services of York Traditions Bank.
York Traditions Bank cautions readers not to place undue reliance on forward-looking statements and to consider possible events or factors that could cause results or performance to materially differ from those expressed in the forward-looking statements, including, but not limited to: ineffectiveness of the bank's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; volatilities in the securities markets; and deteriorating economic conditions.
Forward-looking statements in this press release speak only as of the date of this press release and York Traditions Bank makes no commitment to review or update such statements to reflect changes that occur after the date the forward-looking statement was made.
SOURCE York Traditions Bank
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