Penseco Financial Services Corp. in Scranton, Pa., is buying the $220 million-asset Old Forge Bank in a deal that would combine two of northeast Pennyslvania's oldest financial institutions.

Penseco, the parent of the 106-year-old Penn Security Bank and Trust Co., said Friday that it would pay $58 million, or $103.76 a share, for Old Forge, which will celebrate its 100th anniversary on Jan. 1.

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.