The latest merger and acquisition activity has seen buyers active in Pennsylvania, Ohio, New Jersey and New York.
Pennsylvania-based Mid Penn Bank is to acquire Riverview Financial, creating a $4.8 billion community bank for the state.
The merger will enhance the bank’s presence in central Pennsylvania as well as provide entry into the Lehigh Valley and State College markets, according to an announcement from Mid Penn Bank.
The transaction will create a banking franchise with approximately $4.8 billion in assets, $3.7 billion in deposits and $3.7 billion in loans.
Rory Ritrievi, Mid Penn president and CEO, said: “This combination provides strong economic value to both shareholder groups and creates a financial institution with plenty of muscle at a time when it is most important.”
Following its completion, Mid Penn will be the sixth-largest Pennsylvania headquartered bank under $10 billion.
Meanwhile in Ohio, Farmers National Bank is to acquire Cortland Bank to expand its presence in Cleveland and Northeast Ohio.
The transaction is valued at approximately $124 million and will increase Farmers National Bank’s total assets to $4.1 billion. All Cortland Bank branches will be rebranded once the deal is completed.
Cortland Bank President and CEO James Gasior will join Farmers as a senior executive vice president and corporate development officer, while Cortland Bank chief operating officer Timothy Carney will join Farmers as chief banking officer.
Kevin Helmick, Farmers Bank president and CEO, said the acquisition would “solidify our market share in Trumbull and Mahoning Counties, as well as expand our presence in the greater Cleveland area furthering our strategy of building local scale throughout northeast Ohio”.
Elsewhere, New York-based Community Bank Systems has acquired retirement specialist firm Fringe Benefits Design. The firm will become part of Benefit Plans Administrative Services (BPAS), a subsidiary of Community Bank Systems.
The merger is expected to boost BPAS total assets in trust to approximately $110 billion and will expand the company’s benefits business in the Midwest region of the US.
Finally, New Jersey-headquartered Valley Bank plans to expand into Westchester County in New York, following the purchase of commercial bank Westchester Bank. The acquisition is expected to bring Valley Bank a physical presence and commercial lending expertise in the Westchester County market.
Ira Robbins, Valley Bank president, CEO and chairman, said Westchester’s “conservative credit culture and high-touch approach to commercial banking” was aligned with Valley’s proposition and should deliver “meaningful growth”.
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