Two central Pennsylvania community banks have a deal to combine into one of the largest banks in their rural county.
Penn Laurel Financial Corp., Curwensville, said it would buy Clearfield Bank and Trust for about $25 million of stock.
Clearfield Bank, with $184 million of assets, has 14.72% of Clearfield County deposits in its five branches, according to Federal Deposit Insurance Corp. data. CSB Bank, Penn Laurel's subsidiary, has $127 million of assets and 11.45% of the county's deposits. Together, they would rival County National Bank in Clear-field, which has 24.67% of county deposits.
The deal, expected to close in the second quarter, brings together two of the county's oldest banks. CSB, formerly known as Curwensville State Bank, was established in 1924. Clearfield Bank has been in business since 1902.