QNBC · QNB Corp.

The acquisition of Victory Bancorp represents a strategically significant expansion for QNB Corp., increasing its physical presence across Montgomery, Bucks, and Lehigh Counties and integrating four Victory Bank branches and two loan production offices into its network. The transaction was executed via statutory merger under Pennsylvania law, with clear, fixed terms: each Victory common share converted into 0.5500 shares of QNB common stock, establishing a precise equity dilution profile without cash consideration for whole shares. The interim operating structure—Victory Bank functioning as a division of QNB Bank through mid-June—reflects a deliberate, customer-centric integration plan, prioritizing service continuity while preparing for full systems consolidation over the June 19–21 weekend. Leadership integration is reinforced by the appointment of Joseph W. Major and Kevin L. Johnson to QNB’s Board, with Major assuming high-visibility governance roles including Vice Chairman and Strategic Planning Committee Chair—signaling continuity of strategic vision and deepening institutional knowledge. Major’s $665,865 consulting agreement further underscores the importance of retaining key Victory leadership during the critical 24-month transition period. The press release highlights that the combined entity will operate 14 full-service offices post-conversion, enhancing scale and cross-selling opportunities in commercial, small business, and personal banking—directly supporting QNB’s stated objective of strengthening its regional franchise and enriching the local banking experience.