September 19,2019 — Citizens Financial Services, Inc. (OTCPink: CZFS), and MidCoast Community Bancorp, Inc. (OTCPink: MDCT), have announced a definitive merger agreement.
Headquartered in Mansfield, Pennsylvania, Citizens Financial Services, Inc. (Citizens), the holding company for First Citizens Community Bank, and MidCoast Community Bancorp, Inc. (MidCoast), the holding company for MidCoast Community Bank, headquartered in Wilmington, Delaware, will combine their holding companies and subsidiaries.
Under terms of the agreement, each holder of MidCoast Class A common stock and MidCoast Class B common stock will be entitled to elect to receive $6.50 in cash, without interest, or shares of Citizens common stock based on a fixed exchange ratio of 0.1065 shares of Citizens common stock for each share of MidCoast Class A common stock and MidCoast Class B common stock. Or, a combination of cash and stock, in exchange for each share of MidCoast Class A common stock and Class B common stock owned at the closing of the transaction.
Randall E. Black, Citizens’ and First Citizens’ President and Chief Executive Officer, said, “We are excited to expand our franchise into Delaware’s affluent New Castle and Kent Countymarkets through our partnership with MidCoast Community Bank. These markets are robust and healthy with economic growth, and are attractive markets with favorable demographics. Furthermore, just 45 miles from our Fivepointville, Lancaster County, PA branch, this expansion will bolster our Southeastern, PA presence and position the combined company for continued growth. The employees and board of directors of MidCoast Community Bank have built a great community banking model. This acquisition allows us to leverage our existing products, services and expertise in an attractive market while adding a very talented banking team. Additionally, we see Kent County and the surrounding secondary markets rich in agricultural lending opportunity, which will help us to diversify our growing expertise in agricultural lending, along with CRE and residential growth opportunities.”
More information is available here.
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