Juniata Valley Financial to acquire FNBPA Bancorp.
BANKING AND CREDIT NEWS-July 2, 2015-Juniata Valley Financial to acquire FNBPA Bancorp
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Juniata Valley Financial Corp. (OTC Pink: JUVF), the bank holding company of Juniata Valley Bank, said it has signed an agreement with FNBPA Bancorp, Inc. (OTC Pink: FNBP), the bank holding company of First National Bank of Port Allegany, for a plan of merger in which Juniata Valley Financial will acquire all of the shares of FNBPA Bancorp in a stock and cash transaction valued at approximately USD13.2 million.
Under the merger agreement, FNBPA Bancorp shareholders may elect to receive, in exchange for each share of FNBPA Bancorp common stock they own, either cash of USD50.34 or 2.7813 shares of Juniata Valley Financial common stock, subject to election and allocation procedures designed to result in the aggregate cash merger consideration representing between 15 percent and 25 percent of the total merger consideration issued in the transaction.
As of March 31, 2015, Juniata Valley Financial had consolidated assets of USD473 million. Juniata's wholly-owned banking subsidiary, JVB, is a Pennsylvania state-chartered bank headquartered in Mifflintown, Pennsylvania, which operates 12 community bank offices. First National Bank of Port Allegany, with assets of USD96 million as of March 31, 2015, is a national bank headquartered in Port Allegany, Pennsylvania, operating three locations. After the transaction is completed, the combined organization is projected to have over USD580 million in assets and 15 banking locations.
Following the merger, the former offices of First National Bank of Port Allegany will operate as a division of JVB, under a new local trade name yet to be determined.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jul 2, 2015|
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