Riverview Financial in Halifax, Pa., has received state regulators' approval to buy Citizens National Bank of Meyersdale in Pennsylvania for $8 million in cash and stock.
The Pennsylvania Department of Banking and Securities approved the agreement on Feb. 10, less than four months after it was announced. The deal still requires approval from Citizens National's shareholders.
The $435 million-asset Riverview would gain $76 million of assets and two branches in Somerset County. The Citizens National operation will retain its name after the deal closes. The acquisition is expected to be completed by the end of the first quarter.
Ambassador Financial Group advised Riverview, and Barley Snyder was its legal counsel. Sandler O'Neill advised Citizens National, and Shumaker Williams was legal counsel.