First Citizens National Bank in Mansfield, Pa., has a deal to buy an Elmira Savings Bank branch in its hometown.
The $618 million-asset First Citizens, a unit of Citizens Financial Services Inc., would gain about $18 million of deposits and about $300,000 of commercial and consumer loans.
Elmira Savings said Friday that it would receive a 10% deposit premium for the branch.
Michael P. Hosey, the president and chief executive officer of Elmira Savings, said in a press release that his $467 million-asset New York thrift wanted to exit that area of Pennsylvania to concentrate on markets in its home state that it views as a better strategic fit.
The branch deal is part of a previously announced strategy to cut expenses and boost revenue by $1.1 million, he said.
The deal is expected to close next quarter.
