First Keystone Corp. in Berwick, Pa., said Friday that it has a deal to buy the $133.6 million-asset Pocono Community Bank in Stroudsburg for about $33.6 million in cash and stock.
Buying Pocono would bring the $524 million-asset First Keystone into fast-growing Monroe County, where Pocono has its three branches and is building a fourth.
Each Pocono share would be exchanged for $16.10 in cash or 0.89 First Keystone shares. The price would be paid 51% in stock and 49% in cash.
Though Pocono would be merged into First Keystone National Bank, it would operate as a separate division and retain its name.
The deal is expected to close late next quarter or early in the fourth.
Last month First Keystone changed its name from First National Bank of Berwick to appeal to customers outside its hometown.
