Pennsylvania banks successfully complete merger
Riverview Financial Corp. headquartered in Harrisburg recently announced the completion of its merger with CBT Financial Corp., headquartered in Clearfield, on Oct. 1. The merger will form a community banking franchise with approximately $1.2 billion of assets and will provide enhanced products and services through 33 banking locations covering 12 Pennsylvania counties.
In the merger, CBT shareholders will receive 2.86 shares of Riverview common stock in exchange for each share of CBT common stock. The board of directors of the combined company will be split evenly between Riverview and CBT selected directors. In addition, the combined company will move its corporate headquarters to State College, Pennsylvania.
“This transaction creates a major central Pennsylvania franchise with bank assets exceeding $1.1 billion and wealth management assets under management of approximately $400 million,” Kirk Fox, CEO, said, according to a news release. “Our enhanced stature will create more growth and more opportunities, both of which are essential for enhancing shareholder value.”
“We began seeing the benefits of the merger immediately after the announcement of the transaction as our communities embraced the formation of a stronger community bank that could better serve their needs,” Brett Fulk, president, said.
“We have a very talented team, from our newly combined board to our enhanced executive team, to our committed employees,” Michael J. Bibak, chief operating officer and former president and CEO of CBT, said, according to the news release. “We all work hard every day to earn our customers’ trust and business, and we look forward to doing that together.”
Ambassador Financial Group Inc. served as financial adviser to Riverview, and Barley Snyder LLC served as Riverview’s legal counsel. Boenning and Scattergood, Inc. served as financial adviser to CBT, and Luse Gorman, PC served as CBT’s legal counsel.
Riverview Financial Corp. is the parent company of Riverview Bank and its operating divisions Halifax Bank, Marysville Bank, Citizens Neighborhood Bank, CBT Bank, Riverview Wealth Management, CBT Investment Services Inc. and CBT Financial and Trust Management. An independent community bank, Riverview Bank serves the Pennsylvania market area of Bedford, Berks, Blair, Cambria, Centre, Clearfield, Cumberland, Dauphin, Huntington, Lycoming, Northumberland, Perry, Schuylkill, Somerset and Westmoreland counties through 30 community banking offices and 3 limited purpose offices, the news release said. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. The Wealth Management and Trust divisions with assets under management exceeding $350 million provides trust and investment advisory services to the general public. Riverview’s business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely decision-making, flexible and reasonable operating procedures and consistently applied credit policies.