Long Island, N.Y.-based Alma Bank is acquiring American Community Bank, Glen Cove, N.Y..The deal is expected to close early next year, with the banks operating separately until closing. Financial terms were not disclosed. The combined bank will have $2 billion in assets and 19 full-service branches and two additional banking offices serving New York City and Northern New Jersey. American Community Bank has $300 million in assets and a half-dozen branches across Long Island. Alma Bank has $1.6 billion in assets and more than a dozen branches in the New York City metropolitan area. Alma Bank President and CEO Michael Psyllos will continue in his position. American Community Bank President and CEO Anthony Capobianco is expected to join Alma Bank as senior executive vice president and board member. Aldo Verrelli, chair of American Community Bancorp, is also expected to join Alma Bank's board.Keefe, Bruyette & Woods is financial advisor to Alma Bank, while Hunton Andrews Kurth LLP is providing legal counsel. Piper Sandler & Co. is financial advisor to American Community Bancorp, while Kilpatrick Townsend & Stockton is legal counsel.
