CEO Corner

 By Jon Evans

We closed our merger with Bankers’ Bank Northeast on January 1, 2018. The final share exchange ratio was .2578 shares of BBN Financial Corporation for each share of Atlantic Community Bancshares, Inc. A transmittal letter was mailed out to all former BBN shareholders on January 30, 2018. We appreciate your help in returning all BBN certificates to be reregistered. Please note any fractional shares will be paid out in cash and returned with your new certificates. 

Our systems conversion is planned for April 5, 2018. While we are being mindful of trying to keep changes to a minimum, we realize the importance in communicating them to everyone. Please check in on our website for a schedule of training webinars. 
The following is a financial profile of your new bankers’ bank:
                                    $778 million Assets
                                    $140 million Securities
                                    $314 million Loans (Net)
                                    $98 million Equity

Camp Hill, PA – At our headquarters, we employ 40 people to support your operational, liquidity and lending needs, as well as executive administration. Our executive management team has over 200 years of banking experience to help you serve your customers and communities. Compliance Anchor is managed by Nancy Lake and currently provides educational, training and collaborative compliance services to 87 institutions.
Glastonbury, CT – BBN’s former headquarters is staffed with 21 employees who will serve as the regional sales and lending arm, operations team and product development department. Craig Howie, Senior Executive Vice President, will oversee all operations in Glastonbury. The product development department will focus on leveraging technology and Fintech partnerships. Currently, we’ve established a loan portal which is featured in this newsletter and we’re developing a “best in class” solution for international remittances.
Newark, NJ – Our BITS office is headed up by Jerry Murphy, BITS CEO, and employs 42 people to serve the telecommunications needs of 100 banks in 19 states. This includes tailoring the architecture of your platform for the transport of all your voice, video and data needs Jerry’s recent hire of Kevin Gemmell addresses the additional Cybersecurity needs of banks who utilize the BITS platform.
This recent union of two time-tested bankers’ banks is here to provide you with greater resources, increased aggregation capabilities, enhanced loan limits and a greater focus on products you will need for the future. Please visit our websites for more information on our services and upcoming changes.