Alma Bank has agreed to acquire American Community Bank in a deal that would create a larger New York metropolitan community lender with roughly $2 billion in assets, reflecting the continued push by smaller banks to build scale while preserving their local identity.
The privately held institutions announced this week that they had signed a definitive merger agreement under which Glen Cove-based American Community Bank will merge into Long Island City-based Alma Bank.
Financial terms of the transaction were not disclosed.
If regulators, shareholders and other required parties approve the deal, it is expected to close during the first quarter of 2027.
The combined institution would operate 21 branches, including 19 full-service offices, serving customers across Queens, Long Island, Manhattan, Brooklyn, the Bronx and northern New Jersey. Executives said the expanded footprint would allow the bank to increase lending capacity while broadening treasury management, wealth management and digital banking services.
The transaction joins two community banks that have emphasized relationship banking and local decision-making as larger regional and national competitors continue investing heavily in technology and expanding their reach.
“This partnership is grounded in a shared belief that banking is, first and foremost, about people,” Michael Psyllos, Alma Bank’s president and chief executive, said in announcing the agreement.
