Citizens Financial Services, the holding company for First Citizens Community Bank (FCCB), has wrapped up its previously announced acquisition of MidCoast Community Bancorp, the parent company for MidCoast Community Bank (MCB).

First Citizens Community Bank is a Pennsylvania-chartered commercial bank, while MidCoast Community Bank is a Delaware-chartered commercial bank.

As per the terms of the deal, MidCoast Community Bancorp merged with Citizens Financial Services, while MidCoast Community Bank merged with First Citizens Community Bank. Citizens Financial Services and First Citizens Community Bank are the surviving entities following the closing of the transaction.

The deal was announced in September 2019 by Citizens Financial Services to enhance the franchise value of First Citizens Community Bank and expand it into Northern Delaware.

MidCoast Community Bank operated three community banking offices at the time of signing the deal, which are located in New Castle and Kent Counties in Delaware. Apart from lending in the Delaware markets, MidCoast Community Bank is also said to be an active lender in Chester County, Pennsylvania.

First Citizens Community Bank now operates 31 full-service branch offices located across Pennsylvania, Delaware, and New York.

At the time of signing the deal, Randall E. Black – Citizens Financial Services and First Citizens Community Bank President and CEO said: “The employees and board of directors of MidCoast Community Bank have built a great community banking model. This acquisition allows us to leverage our existing products, services and expertise in an attractive market while adding a very talented banking team.

“Additionally, we see Kent County and the surrounding secondary markets rich in agricultural lending opportunity, which will help us to diversify our growing expertise in agricultural lending, along with CRE and residential growth opportunities.”

As per the merger agreement, MidCoast Community Bancorp’s shareholders were given the choice to elect to receive 0.1065 shares of Citizens common stock, $6.50 in cash, or a combination of cash and shares of Citizens common stock for each share they owned in MidCoast common stock, subject to proration and allocation to make sure that 75% of the shares of MidCoast common stock outstanding immediately prior to the completion of the merger were exchanged for shares of Citizens common stock and 25% were exchanged for cash.

  Banking acquisition news, Banking industry news, Citizens Financial Services, Delaware, First Citizens Community Bank, MidCoast Community Bancorp, MidCoast Community Bank, Pennsylvania, Randall E. Black