Fidelity D & D entering new Pennsylvania market with MNB acquisition
Fidelity D & D Bancorp in Dunmore, Pa., has agreed to buy MNB Corp. in Bangor, Pa.
The $1.1 billion-asset Fidelity said in a press release Tuesday that it will pay $78.5 million in stock for the $413 million-asset parent of Merchants Bank of Bangor. The deal is expected to be completed in the second quarter.
MNB will provide Fidelity with its first branches in Pennsylvania’s Northampton County.
Fidelity will have $1.3 billion in deposits and $1 billion in loans when the deal closes.
“The addition of such a premier financial institution will enhance our market presence and allow us to better serve its communities,” Daniel Santaniello, Fidelity’s president and CEO, said in the release. “Over the years, Merchants Bank has been an outstanding resource and banking partner to its client base.”
Commonwealth Advisors and Bybel Rutledge advised Fidelity. Olsen Palmer and Mette, Evans & Woodside advised MNB.