Juniata Valley Financial in Mifflintown, Pa., has agreed to buy a branch from Orrstown Financial in Shippensburg, Pa.
The $815 million-asset Juniata said in a press release that it will buy a location in Path Valley, Pa., along with $31.7 million of deposits. No loans will be included in the sale.
The deal is expected to close in the second quarter. The price wasn’t disclosed.
The $2.8 billion-asset Orrstown announced plans to close the branch in September.
“We are excited about this transaction and the opportunity to further serve the Path Valley community by keeping the Path Valley branch office open,” Marcie Barber, Juniata’s president and CEO, said in the release.
The acquisition “is designed to enhance our service to the Path Valley corridor and evidences our commitment to rural banking markets,” Barber added. “The acquisition of additional core deposits and valued customer relationships will allow us to direct greater resources and expanded banking services to this community and is expected to benefit our shareholders through operating efficiencies.”
Orrstown still plans to close branches in the Pennsylvania markets of Chambersburg, East Earl, Mechanicsburg and Orrstown on Dec. 30.
Barley Snyder advised Juniata. Pillar + Aught advised Orrstown.