In Brief: Pa. Bank Offering $12M to Buy Neighbor

Emclaire Financial Corp., Emlenton, Pa., has announced plans to acquire People's Savings Financial Corp., Ridgway, Pa., for about $12.2 million of cash and stock.

Emclaire, the $131 million-asset holding company for Farmers National Bank, said it would pay 45% in cash and 55% in stock. The purchase price equals $26 a share.

People's shareholders have the option of accepting stock, cash, or a combination of both. The deal is expected to close in the third quarter.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER