Citizens & Northern Bank announces merger plan
With an eye toward growth and extending its reach to more customers, Citizens & Northern Bank will soon merge with Monument Bank.
Officials with Citizens & Northern Corp., Wellsboro, bank holding company for Citizens & Northern Bank, and Monument Bancorp, Inc., Doylestown, recently announced the agreement.
“We are hoping for sometime in the second quarter for the transaction to be complete,” Citizens Northern Corp. spokeswoman Charity Frantz said.
Citizens & Northern operates 26 banking offices in Lycoming, Bradford, Cameron, McKean, Potter, Sullivan, and Tioga counties in the state and two in Steuben County in New York.
The bank had consolidated assets of more than $1.2 billion as of June 30.
Monument Bancorp is the holding company of Monument Bank which reported assets of $348 million.
“This merger aligns with our strategic plan to enter attractive markets through acquisition by combining the strengths of two reputable, community banks that share a similar culture and common strategic vision,” Citizens & Northern President and CEO J. Bradley Scovill said.
“With a mission of creating value through lifelong relationships, values that keep us grounded and aligned with our local communities and a culture focused on our customers’ success, C&N shares many similarities to Monument. We believe this is a great fit and we are pleased to welcome the Monument team and customers to C&N as we work together to expand our presence in southeastern Pennsylvania and beyond.”
Frantz said Citizens & Northern had been in the process of exploring options to expand.
“It is very exciting,” she said of the merger. “Anytime we can grow our footprint and bring out products to help more people with their finances, it’s a great opportunity for us.”
She said there are no plans to close any bank branches in the immediate future.
“We are always reevaluating our delivery model,” she said.
Clark Frame, executive chairman, Monument Bank Board, said the transaction is a positive for the bank’s shareholders, providing additional resources, increased lending limits and the latest in banking technology.