Atlantic Community Bankers Bank Sells BITS Telecommunications Services
The Sale Positions the Bank to Focus on Enhancing Correspondent Banking Services
August 31, 2021
(CAMP HILL, PA – 31 August 2021) — Atlantic Community Bankers Bank, a financial institution that provides correspondent banking, lending, investment, and treasury management services to community financial institutions, today announced that it has sold ACBB-BITS, LLC (“BITS”), the Bank’s telecommunications and network services provider subsidiary, to New Era Technology, Inc. (“New Era Technology”). The sale supports company President and CEO Craig Howie’s growth strategy to enhance community financial institutions’ customer experiences with the Bank.
The Bank will reinvest proceeds into people, processes, and services to further enhance its offerings to community financial institutions.
“This sale will allow us to focus more on our core competency of correspondent banking and fuel the next phase of our mission to be the premier partner to community financial institutions,” said Howie. “Operationally, this is still business as usual for BITS and Bank customers. Both will continue to deliver all products and services to clients without interruption.”
New Era offers managed services, cloud solutions and professional services to over 8,500 customers in financial services, healthcare, technology and a range of other end-markets. The business has approximately 2,100 employees located in the United States, the United Kingdom, Australia, New Zealand, Canada, Europe and Asia. New Era is headquartered in New York and has forty-eight office locations in the United States and international markets.
Joe Ewart, CEO of New Era Technology, stated that “We are very excited about the acquisition of BITS and we think it is an excellent strategic fit with our existing businesses. New Era Technology looks forward to working with the BITS team to drive the growth of the business and continuing the outstanding service provided to the BITS customers.”
The transaction closed on August 26th.
Piper Sandler & Co. acted as the exclusive financial advisor for Atlantic Community Bankers Bank and ACBB-BITS, LLC.
About Atlantic Community Bankers Bank
Atlantic Community Bankers Bank was chartered in 1983 as a bankers’ bank to provide correspondent services to community banks in the eastern United States. ACBB is owned and managed by community financial institutions. The Bank currently serves over 327 shareholder institutions and offers a full suite of products and services to meet their correspondent banking need.
This press release contains “forward–looking statements” about the expectations, beliefs, plans, intentions and strategies relating to Atlantic Community Bankers Bank. Such forward–looking statements include statements regarding future plans for strategies and operations. Forward‑looking statements are subject to known and unknown risks and uncertainties and are based on certain assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward‑looking statements we make. We undertake no obligation, and do not intend, to update the forward‑looking statements.
Factors that might cause a difference include the extent of the adverse impact of the current global coronavirus outbreak on our customers, prospects and business, as well as the impact of any future pandemics or other natural disasters; economic conditions; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; unanticipated loan losses, lack of liquidity; varying and unanticipated costs of collection with respect to nonperforming loans; changes in interest rates, changes in relationships with major customers; operational risks, including the risk of fraud by employees, customers or outsiders; competition; changes in accounting principles, policies or guidelines; changes in laws or regulations and in the manner in which the regulators enforce same; new technology and other factors affecting our operations, pricing, products and services.
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