Emclaire Financial Corp., Emlenton, Pa., has announced plans to acquire People's Savings Financial Corp., Ridgway, Pa., for about $12.2 million of cash and stock.

Emclaire, the $131 million-asset holding company for Farmers National Bank, said it would pay 45% in cash and 55% in stock. The purchase price equals $26 a share.

People's shareholders have the option of accepting stock, cash, or a combination of both. The deal is expected to close in the third quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.