Emclaire Financial Corp. of Emlenton, Pa., said it has a deal to acquire Elk County Savings and Loan Association in Ridgway.
As part of the transaction, Elk County would convert from a mutual thrift to a stock-owned company, Emclaire said Tuesday.
The $10 million-asset Elk County would convert from a mutual savings association to a Pennsylvania-chartered stock savings association and issue its shares to Emclaire, the parent of Farmers National Bank. The $323 million-asset Emclaire said that it would offer shares of its common stock to certain Elk County Savings members in a subscription offering, and that any stock not purchased by eligible members would be offered to members of the community and the general public.
Emclaire also said it intends to issue $3 million of common stock to the general public and would use the proceeds for general corporate purposes.
The acquisition and conversion are expected to close in the fourth quarter.
