New owner for Bally Savings Bank
BALLY » Ambler Savings Bank has announced it has completed its acquisition of Bally Savings Bank, effective Oct. 10.
Bally Savings Bank, operating from one location in Bally, provided savings and lending products combined with personalized customer service to the members of its community since it was established in 1923.
Under the terms of the merger, the Bally office will operate under the name Bally Savings Bank, a Division of Ambler Savings Bank. Ambler Savings Bank has four other branches, all located in Montgomery County: Ambler, Fairview Village, Schwenksville and Limerick.
Ambler Savings Bank was founded in 1874 to provide affordable home financing to the residents of the greater Ambler area. In the more than 140 years since then, Ambler has grown to become a full-service community bank providing a suite of financial products and superior customer service to consumers and businesses throughout Montgomery and nearby counties.
“We are excited to add Bally to our organization,” said Roger Zacharia, president and chief executive officer. “Both of our institutions have a long history of strong financial performance as well as a commitment to the communities we serve.”
As a local bank, one of Ambler Savings Bank’s main priorities is giving back to the community. “Over the past five years, we have donated over $300,000 to support public education assisting the school districts of Wissahickon, Upper Dublin, Methacton, Perkiomen Valley, SpringFord and others,” said Zacharia.
“We believe in building relationships, not just with our customers, but with the communi-
ties we serve,” said Erin Cohen, vice president and retail officer. “Our trustees, officers and employees volunteer their time in various clubs and organizations such as the Rotary Club, the Kiwanis Club, the Lions Club, Relay for Life, local Main Street organizations, and chambers of commerce, just to name a few.”
The Bally office will continue to be managed by Diane McElwee, who has been with Bally Savings Bank for more than 40 years.
“I am very proud of my team in Bally,” said McElwee. “We are looking forward to providing our customers with a wider range of products and services to meet their evolving needs. Customers today want all the convenience of a large bank with the personal service that only a community bank can provide. Now, they get the best of both.”
The merger was announced in February. A press release issued with the initial announcement claimed that the transaction was expected to create a banking institution with approximately $324 million in deposits and $395 million in assets.