GNB Financial Services in Gratz, Pa., has agreed to buy FNBM Financial in Minersville, Pa.
The $205 million-asset GNB said in a press release last week that it will pay $58 a share for the $81 million-asset FNBM. The company will have five branches when the transaction is completed.
Two FNBM directors are expected to join GNB's board. The deal is expected to close early next year.
"The addition of FNBM to the GNB franchise continues GNB's growth in Schuylkill County as a strong high-performing community bank and increases our market penetration to better serve our customers and provide value to our shareholders," Wesley Weymers, GNB's president and chief executive, said in the release. "We look forward to serving the Minersville community through a continued presence in downtown Minersville."
Cedar Hill Advisors and Bybel Rutledge advised GNB; Boenning & Scattergood issued a fairness opinion. Ambassador Financial Group and Rhoads & Sinon advised FNBM.
