Riverview Financial Corp. has applied to the Pennsylvania Department of Banking and Securities to acquire two-branch, western Pennsylvania bank Citizens National Bank of Meyersdale.
The company announced plans to acquire Citizens National Bank of Meyersdale in the fall for $8 million. The bank has two locations in Somerset County, far outside of 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.
While the bank will become a subsidiary of Riverview Financial, it will keep the Citizens name. Its president, Timothy E. Walters, will become regional president of the Citizens operating division, and two directors of Citizens’ board will be offered seats on the boards of Riverview Financial and Riverview Bank, according to a company news release.
The merger is expected to close in the first quarter of 2015.
Riverview operates 15 community bank offices in Berks, Cumberland, Dauphin, Northumberland, Perry and Schuylkill counties. It is the holding company for Riverview Bank and its operating divisions Halifax Bank, Marysville Bank and Riverview Financial Wealth Management.
In November, Riverview moved its headquarters to Front Street in Susquehanna Township to acquire a more investor-friendly Harrisburg address, according to company officials.
Riverview trades on the OTC exchange under the ticker symbol RIVE.