Citizens & Northern in Wellsboro, Pa., has agreed to buy Monument Bancorp in Doylestown, Pa.
The $1.3 billion-asset C&N said in a press release Friday that it will pay about $43 million in cash and stock for the $348 million-asset Monument. The deal is expected to close in the second quarter.
Monument has two branches and a loan production office.
“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,” J. Bradley Scovill, C&N’s president and CEO, said in the release.
“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,” Scovill added. “We believe this is a great fit."
Clark Frame, Monument’s chairman, will join C&N’s board. Chris Nardo, Monument’s president and CEO, will become a market president for C&N.
Sandler O’Neill and Barley Snyder advised C&N. Boenning & Scattergood and Stevens & Lee advised Monument.
