ENB Financial in Ephrata, Pa., has agreed to buy Cecil Bancorp in Elkton, Md.
The $2.3 billion-asset ENB said in a press release that it will pay $30.8 million in cash for the $222 million-asset Cecil. The deal is expected to close in the first quarter.
Cecil has four branches, $192 in deposits, and $163 million of loans.
The acquisition “furthers ENB’s strategic plan of delivering consistent, profitable organic growth while pursuing selective, value-enhancing inorganic growth,” Jeffrey Stauffer, ENB’s chairman, president and CEO, said in the release. “We believe that our successful community bank model, refined over decades, will be extremely well received in this tangential market, which offers favorable demographics and has a clear appetite for a relationship-focused bank.”
ENB said it expects to cut about 40% of Cecil’s annual operating expenses.
The deal should be 17% accretive to ENB’s 2026 earnings per share.
Performance Trust Capital Partners and Bybel Rutledge advised ENB. Hovde Group and Nelson Mullins Riley & Scarborough advised Cecil.