Citizens Financial in Mansfield, Pa., has agreed to buy First National Bank of Fredericksburg in Pennsylvania.
The $930 million-asset Citizens said in a press release Tuesday that it will pay $22.1 million in cash and common stock for the $238 million-asset First National. The deal is expected to close in the fourth quarter.
First National, which has seven branches, serves a market between the Pennsylvania cities of Harrisburg and Allentown.
"We are excited to expand our franchise into the Lebanon Valley," Randall Black, Citizens' president and chief executive, said in the release. "Our plan is to operate the FNB market as a separate and distinct market of First Citizens, with local decision making and oversight."
Sandler O'Neill and Luse Gorman advised Citizens. Boenning & Scattergood and Rhoads & Sinon advised First National.