7:47 PM EST, February 20, 2012
Susquehanna Bancshares Inc. has completed its acquisition of Tower Bancorp Inc., creating Pennsylvania’s largest community bank, according to an emailed release from Susquehanna Bancshares.
The acquisition was completed Feb. 17, according to the release.
Tower’s bank branches in central and southeastern Pennsylvania, as well as in Maryland — which operated under the Graystone, Tower and 1N Bank divisions — were to open after the Presidents Day weekend as Susquehanna Bank offices.
With the acquisition, Susquehanna has $17.5 billion in assets and 261 offices in Pennsylvania, Maryland, New Jersey and West Virginia, the release said.
The bank has approximately $12.4 billion in deposits and $12.5 billion in loans.
“Graystone Tower Bank built a great reputation for serving their customers and communities, and we are pleased to welcome their customers, employees and shareholders to Susquehanna,” said William J. Reuter, chairman and chief executive officer of Susquehanna Bancshares. “This merger enhances our presence in key markets, expands our branch network into several new counties, and positions us to grow and strengthen our company.”
The addition of Graystone Tower Bank’s branches significantly increased Susquehanna’s branch network in Chester County, as well as in central Pennsylvania, the email said.
In addition, Susquehanna Bank acquired branches for the first time in State College, and in Fulton and Lebanon counties in Pennsylvania. Graystone’s wealth-management business, headquartered in Chester County, will become part of Susquehanna Wealth Management.
In the transaction, each share of Tower common stock outstanding immediately before completion of the merger was converted into the right to receive 3.4696 shares of Susquehanna common stock or $28 in cash, subject to proration so that $88 million of the aggregate consideration is paid in cash, according to the release.
“With Susquehanna Bank, we offer customers a wide array of financial products and services to meet any need they may have, along with a convenient network of branch offices and staff dedicated to personal service,” said Andrew Samuel, Tower’s chairman and chief executive officer, who joined Susquehanna as president and chief revenue officer.
More information can be found at www.susquehanna.net.
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