CCFNB Bancorp in Bloomsburg, Pa., has agreed to buy Muncy Bank Financial in Muncy, Pa.
The $944 million-asset parent of First Columbia Bank & Trust said in a press release that it will pay $65.6 million in stock for the $633 million-asset Muncy. The deal is expected to close in the fourth quarter.
The renamed Muncy Columbia Bank will have $1.2 billion of deposit and $1 billion of loans when the deal closes.
CCFNB said it will achieve “efficient staff levels” through voluntary early retirement and voluntary severance package offerings to First Columbia and Muncy employees. No mandatory layoffs are anticipated and no branches are scheduled to close.
Muncy shareholders are expected to own about 42% of CCFNB. The board will include eight CCFNB directors and six from Muncy.
Lance Diehl, CCFNB’s president and CEO, will serve as the company’s chairman, president and CEO and the bank’s executive chairman. Robert Glunk, Muncy’s chairman, president and CEO, will become the company’s chief operating officer and the bank’s president and CEO.
Edwin Wenner, CCFNB’s chairman, will remain on the board.
Back offices and operations centers will be located in Bloomsburg and Muncy.
“We are delighted to have found a like-minded partner right in our backyard,” Diehl said in the release.
“I have the utmost confidence in our ability to work together and to leverage each other’s strengths,” Diehl added. “Our banks not only share similar cultures and values, but we also benefit from complementary business models, internal systems and product offerings.”
Kafafian Group and Stevens & Lee advised CCFNB. Griffin Financial Group and Barley Snyder advised Muncy.