Susquehanna Bancshares Inc. in Lititz, Pa., said it expects to complete its acquisition of Tower Bancorp in Harrisburg, Pa., on Feb. 17 after securing regulatory approval.
Susquehanna said in a regulatory filing Wednesday that the acquisition had been approved by the Pennsylvania Department of Banking. The Federal Reserve Board approved the deal last month, the $14 billion-asset company’s filing said.
The deal was announced in June. Shareholders for the $2.5 billion-asset Tower will either receive about 3.45 shares of Susquehanna common stock or $28 in cash for each of their shares. Susquehanna will have more than $16 billion in assets and almost 260 branches in Pennsylvania, Maryland, New Jersey and West Virginia, when it completes the acquisition.
