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Limerick, Pennsylvania – January 29, 2020 – The Victory Bancorp, Inc.

In the press release published at 1:40 p.m. EST on January 27, 2020 titled “Victory Bancorp, Inc. Announces Annual Earnings”, the end of the first paragraph should read:  Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.

In the accompanying Unaudited Balance sheet for December 31, 2019 the Surplus was changed from $14,220 to $14,212, Total stockholders’ equity from $19,786 to $19,778, and Total liabilities and stockholders’ equity from $279,664 to $279,656.

Set out below is the corrected press release in its entirety.

The Victory Bancorp, Inc.(OTCQX: VTYB) announced unaudited results for the year ended December 31, 2019. Highlights include a 12% earnings increase, asset growth of $27.9 million and a $2.2 million increase in stockholders’ equity for the year ended December 31, 2019 as compared to the year ended December 31, 2018. Net income increased $227 thousand to $2.1 million, totaling approximately $1.09 per common share. Cash dividends increased from $0.025 per share per quarter to $0.05 per share per quarter in the first quarter of 2020. Book value per share increased to $10.14.

Joseph W. Major, Chairman & CEO, stated, “The company experienced another year of strong growth in assets and profitability while maintaining strong credit metrics, all made possible by the expertise and commitment of our team of bankers. Our priority is to understand and exceed our client’s expectations in a highly responsive manner. When it comes to building both loans and deposits, we believe that speed matters. We look forward to continued growth in assets and profitability in 2020 as we consistently pursue better ways to benefit our clients and the regions we serve.”

Consolidated net income for the year ended December 31, 2019, was $2.1 million, an increase of $227 thousand, compared to $1.9 million in 2018. Deposits grew to $247.8 million at
December 31, 2019 from $223.8 million in 2018, a 10.7% increase. Net Loans increased 6.5% to $243.1 million at December 31, 2019 from $228.3 million in 2018, and total assets increased by $27.9 million to $279.7 million as of December 31, 2019, an increase of 11.1% over 2018. The company paid a cash dividend totaling 10 cents per share during 2019.

The Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (http://www.otcmarkets.com) and is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank, headquartered in Limerick, Pennsylvania which is located just outside the Philadelphia market in Montgomery County. The Victory Bank was established in 2008.  The Bank is a specialized business lender that provides high-quality banking services to small and mid-sized businesses and professionals through its two offices located in Montgomery and Berks Counties, Pennsylvania.  

As of December 31, 2019, The Victory Bank had total assets of $279.7 million, total deposits of $247.8 million, and total equity of $19.8 million. Additional information about Victory Bancorp is available on its website, VictoryBank.com.

This presentation may contain forward-looking statements (within the meaning of Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.


Press Release

 

Limerick, Pennsylvania – January 27, 2020 – The Victory Bancorp, Inc.

(OTCQX: VTYB) announced unaudited results for the year ended December 31, 2019. Highlights include a 12% earnings increase, asset growth of $27.9 million and a $2.2 million increase in stockholders’ equity for the year ended December 31, 2019 as compared to the year ended December 31, 2018. Net income increased $227 thousand to $2.1 million, totaling approximately $1.09 per common share. Cash dividends increased from .025 cents per share per quarter to .05 cents per share per quarter in the first quarter of 2020. Book value per share increased to $10.15.

Joseph W. Major, Chairman & CEO, stated, “The company experienced another year of strong growth in assets and profitability while maintaining strong credit metrics, all made possible by the expertise and commitment of our team of bankers. Our priority is to understand and exceed our client’s expectations in a highly responsive manner. When it comes to building both loans and deposits, we believe that speed matters. We look forward to continued growth in assets and profitability in 2020 as we consistently pursue better ways to benefit our clients and the regions we serve.”

Consolidated net income for the year ended December 31, 2019, was $2.1 million, an increase of $227 thousand, compared to $1.9 million in 2018. Deposits grew to $247.8 million at
December 31, 2019 from $223.8 million in 2018, a 10.7% increase. Net Loans increased 6.5% to $243.1 million at December 31, 2019 from $228.3 million in 2018, and total assets increased by $27.9 million to $279.7 million as of December 31, 2019, an increase of 11.1% over 2018. The company paid a cash dividend totaling 10 cents per share during 2019.

 The Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (http://www.otcmarkets.com) and is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank, headquartered in Limerick, Pennsylvania which is located just outside the Philadelphia market in Montgomery County. The Victory Bank was established in 2008.  The Bank is a specialized business lender that provides high-quality banking services to small and mid-sized businesses and professionals through its two offices located in Montgomery and Berks Counties, Pennsylvania.  

As of December 31, 2019, The Victory Bank had total assets of $279.7 million, total deposits of $247.8 million, and total equity of $19.8 million. Additional information about Victory Bancorp is available on this website, VictoryBank.com.

This presentation may contain forward-looking statements (within the meaning of Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.

 

Press Release

LIMERICK PENNSYLVANIA  -- Victory Bancorp, Inc. (OTC-QX:VTYB) (the “Company”) today announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per outstanding share of common stock. The dividend will be paid on or about February 14, 2020, to stockholders of record as of the close of business on January 31, 2020. Additional information about Victory Bancorp, Inc. is available on this website.

 
The Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (www.otcmarkets.com) and is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank, headquartered in Limerick, Pennsylvania. The Victory Bank was established in 2008. Victory provides high-quality banking services to small and mid-sized businesses and professionals through its two offices located in Montgomery and Berks Counties, Pennsylvania. 

 

Press Release

LIMERICK PENNSYLVANIA  -- The Victory Bank has welcomed Michael Larimer to the experienced team of lenders as a Commercial Relationship Manager and Vice President.   Michael brings twenty-eight years of banking experience developing new commercial loans and deposit business. Utilizing his extensive banking experience, he serves his clients’ day-to-day needs with exceptional service, and knowledge. Larimer earned a Bachelor of Science Degree in Marketing Management from Goldey-Beacom College in Wilmington, Delaware.  He is a member and is actively involved with both the Tri-County and Chester County Chamber of Commerce. He resides in Kennett Square.

LIMERICK PENNSYLVANIA  -- The Victory Bank has hired Jeremy M. Bucci as Commercial Relationship Manager and Vice President. Bucci holds a Bachelor’s degree in Business Administration from Ursinus College and a Master’s degree in Business Administration with a concentration in Finance from St. Joseph’s University. Jeremy has fifteen years of banking experience and a long history of helping his clients meet their financial goals. He is responsible for structuring commercial loan requests while providing excellent service. He resides in West Norriton.

The Victory Bank is a locally owned and operated commercial bank headquartered in Limerick, Pennsylvania. The bank was founded to optimize the financial lives of business, professionals, government/public entities, and consumers.  For more information, call 610-948-9000. Member FDIC 

 

Press Release


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