2015 already merger-heavy for finance

Riverview Financial Corp. applied to the Pennsylvania Department of Banking and Securities to acquire Citizens National Bank of Meyersdale. - (Photo / Amy Spangler)

The financial industry is one of the most active when it comes to mergers and acquisitions.

Already in 2015 there has been movement with local companies acquiring others in the financial world:

Codorus Valley Bancorp Inc. finalized its deal to acquire Maryland-based Madison Bancorp Inc. on Jan. 16. The move grew Codorus Valley’s total assets to $1.4 billion.

The parent company of York Township-based PeoplesBank now has 26 financial centers in Pennsylvania and Maryland.

The two sides announced the acquisition plans in July, with Codorus Valley paying $14.4 million in cash in the deal. Madison shareholders receive $22.90 in cash for each share they own.

Riverview Financial Corp. applied to the Pennsylvania Department of Banking and Securities in December to acquire the two-branch, Western Pennsylvania Citizens National Bank of Meyersdale.

Riverview announced plans to acquire the bank in the fall for $8 million. The bank has two locations in Somerset County, far outside Riverview’s Central Pennsylvania footprint.

Citizens National Bank of Meyersdale has about $76 million in assets, and when the two companies combine, Riverview Financial will have about $500 million in assets.

The merger is expected to close in the first quarter of 2015.

• Manheim Township-based Emerald Asset Management Inc. announced it will acquire Cleveland investment company Elessar Investment Management Inc.

The deal is expected to close in the first quarter. When it is done, the Elessar team will join Emerald subsidiary Emerald Advisors Inc., whose chief operating officer, Scott L. Rehr, declined to divulge the acquisition price. He said Elessar has about $66 million in assets under management, while Emerald has about $3 billion.

Michael Sadowski

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