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Susquehanna Bancshares to buy Tower Bancorp

By - Last modified: June 20, 2011 at 4:40 PM

Lititz-based Susquehanna Bancshares Inc. will acquire Harrisburg-based Tower Bancorp Inc., the parent company of Graystone, Tower and 1N banks, in a $343 million stock and cash transaction, Susquehanna and Tower said this afternoon.

The combined company will have assets of about $17.8 billion, making it the largest community bank in Pennsylvania, Susquehanna said in a statement.

Closure is expected in the first quarter of 2012, pending regulatory approvals.

Susquehanna Bancshares in January announced its acquisition of Abington Bank, a $273 million transaction expected to close this fall. Tower in December completed its purchase of First Chester County Corp. parent company of First National Bank of Chester County, which Tower renamed 1N Bank.

 

Write to the Editorial Department at editorial@cpbj.com

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