Codorus Valley Bancorp Inc. announced it has finalized its deal to acquire Maryland-based Madison Bancorp Inc., growing its total assets to $1.4 billion.
The parent company of York Township-based PeoplesBank now has 26 financial centers in Pennsylvania and Maryland, with the majority of the locations in York County. Seven of the locations are in Maryland.
With the addition, the bank now has $1.1 billion in deposits and $1 billion in loans.
The new Maryland locations will enhance the bank’s “presence in the demographically attractive Harford and Baltimore counties,” according to a news release.
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.
Codorus Valley trades its shares on the NASDAQ exchange under the ticker symbol CVLY.
