Codorus Valley Bancorp in York, Pa., has agreed to buy Madison Bancorp in Baltimore.
The $1.2 billion-asset Codorus Valley said in a press release Tuesday that it will pay $14.4 million, or $22.90 a share, in cash for the $140 million-asset Madison. The deal is expected to close by early next year.
"Clients of both companies will now have access to a broader network of conveniently located financial centers and ATMs as well as expanded commercial and small business banking services, enhanced technology, and wealth management opportunities," Larry Miller, Codorus Valley's president and chief executive, said in the release. "Both companies have deep roots in the communities we serve, and together we intend to continue to play an important role in the growth and development of this region."
Codorus Valley was advised by Boenning & Scattergood and Rhoads & Sinon. Madison was advised by Sandler O'Neill and Kilpatrick Townsend & Stockton.