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Tag: merger

Pa. American Water to purchase Clinton County utility

Mechanicsburg-based Pennsylvania American Water announced that an agreement has been reached for it to acquire Appalachian Utilities Inc., a private, investor-owned system serving approximately 1,450 Clinton County customers in Avis Borough, Pine Creek Township and Dunnstable Township.

This system is near Pennsylvania American Water’s Milton, Nittany and Boggs water systems. Under the transaction terms, an affiliate of Pennsylvania American Water will merge with Appalachian and, subsequently, Appalachian will merge into Pennsylvania American Water.

Pennsylvania American Water plans to invest more than $6.5 million into the system to upgrade aging water infrastructure.

Approval of the acquisition is being sought from the Pennsylvania Public Utility Commission and Pennsylvania Department of Environmental Protection. The transaction is expected to be completed in late 2024.

Pennsylvania American Water will adopt Appalachian’s current rates at closing. Any future rate changes would have to be reviewed and approved by the PUC.

“Appalachian has served our customers proudly since 1995, and we are grateful for our partnership with the community over this time,” Frank Sargent Jr., president of Appalachian, said in a release. “We believe that this transaction with Pennsylvania American Water will ensure that our customers and employees are placed in the hands of another competent, community-minded utility partner going forward.”

Added Justin Ladner, president of Pennsylvania American Water: “We look forward to becoming the water service provider for these customers in Clinton County, and we appreciate that the leadership at Appalachian Utilities Inc. is entrusting us with this privilege. The system upgrades we plan to make will benefit area customers, and the acquisition will further promote regionalization and consolidation of our central Pennsylvania systems.”

Paula Wolf is a freelance writer

Pennsylvania American Water agrees to buy Philly-area water utility

Mechanicsburg-based Pennsylvania American Water has reached an agreement to acquire Audubon Water Co. in Montgomery County.

Under terms of the transaction, a Pennsylvania American Water affiliate will merge with Audubon, with shareholders of Audubon Water receiving shares of AWK common stock in exchange for issued and outstanding shares of Audubon.

The transaction values Audubon at approximately $8 million. Pennsylvania American Water and Audubon will seek approval of the sale from the state Public Utility Commission and state Department of Environmental Protection. The transaction is expected to be completed late next year.

Audubon is a private, investor-owned system serving approximately 2,900 customers in Lower Providence Township, between Pennsylvania American Water’s Royersford and Norristown water systems. Pennsylvania American Water will adopt Audubon’s current rates at closing. Any future rate changes would have to be reviewed and approved by the PUC.

Pennsylvania American Water will eventually interconnect Audubon’s system with its Royersford and Norristown systems. Within the first five years of ownership, the company plans to invest more than $20 million into the system to update aging water infrastructure.

“We look forward to becoming the water service provider for these customers in Lower Providence Township, and we appreciate that the leadership at Audubon Water Co. is entrusting us with this privilege,” Pennsylvania American Water President Justin Ladner said in a release. “The interconnections, system upgrades and source of supply improvements we will accomplish through this acquisition will greatly benefit area customers, while further promoting regionalization and consolidation of our Montgomery County systems.”

Pennsylvania American Water, a subsidiary of American Water, is the largest investor-owned water utility in the state, providing water and wastewater services to approximately 2.3 million people.

Paula Wolf is a freelance writer

Hershey-based Avision merges with Louisiana company

Forward Solutions, a provider of outsourced sales and marketing, announced the merger of one of its portfolio of companies, Hershey-based Avision, with George W. Mouk & Associates.

Headquartered in Monroe, Louisiana, George W. Mouk & Associates has served food service and janitorial customers in Louisiana, Mississippi, Arkansas, West Tennessee, Southern Alabama and the Florida panhandle since 1970.

The merger marks a significant step toward enhancing service offerings and increasing market presence for both companies, by combining their strengths, a release said.

Lee Mouk, president of George W. Mouk & Associates said “I look forward to being part of a team of professional sales reps and the increased ability to serve our manufacturer and distributor partners.”

Avision’s president, John Shoffner, is enthusiastic about the partnership as well, stating, “George W. Mouk & Associates bring(s) decades of experience in the food service and janitorial markets with great relationships and a tremendous track record of success. I am thrilled to have them as part of our team.”

Describing itself as the premier Manufacturer Representative Group in the U.S., Avision “specializes in connecting world-class manufacturers with the best distributors to reach the ideal end user,” the release explained.

With eight offices nationwide and a team of 120, Avision serves more than 100,000 clients across the U.S. in the janitorial, facility, cleaning, restaurant and foodservice supplies, and other sectors.

 

Steinman Communications finalizes transaction gifting LNP to WITF

Steinman Communications Inc. and WITF Inc. have completed a transaction that gifts LNP | LancasterOnline to WITF, setting the combined organization “on a path to innovate a new model for local news, community education and civic engagement in Central Pennsylvania,” a release said.

Owned by the Steinman family, Steinman Communications gifted LNP to Harrisburg-based WITF, a public media organization, as a culmination of the family’s two centuries of community service and philanthropy. The boards of directors for both organizations approved the move in April. Now a WITF subsidiary, LNP has been converted to a Pennsylvania Benefit Corporation.

The new entity will:

· Expand and diversify local news platforms, education programs and forums for civic engagement.

· Build on local journalism that shines a light on government decision-making, serves as a check on public spending and holds elected leaders accountable.

· Fill the void in local journalism created as other media organizations shrink their workforce or close.

· Expand equitable access to proven, effective education programs for learners regionally and across the state.

With seed funding from The Steinman Foundation, WITF also has established The Steinman Institute for Civic Engagement to support local journalism, education and community engagement.

“Local journalism as a means to foster a more informed and engaged citizenry has never been more important,” said Robert Krasne, chair of The Steinman Institute’s board of managers. “The Steinman Institute will concentrate on building stronger communities by researching, developing and advancing innovations in the areas of local news consumption and delivery, media literacy, and ways in which citizens participate in civic life.”

While there have been a handful of other, similar collaborations, they have occurred in large metropolitan areas. The WITF-LNP combination is the first in the nation in a region like Central Pennsylvania, the release said.

“With its dispersed rural and suburban communities, Central Pennsylvania is representative of areas across the United States where a decade-long crisis in journalism has been most devastating,” WITF President and CEO Ron Hetrick said. “Our vision is to buck national trends and make Central Pennsylvania a shining example of a region where local news thrives and builds community. We will focus not only on producing and distributing relevant news, but also on cultivating a curious, critical and engaged audience for news.”

Paula Wolf is a freelance writer

LinkBancorp merger with mid-Atlantic banks gets shareholder approval

Camp Hill-based LinkBancorp Inc., parent company of LinkBank, and Partners Bancorp, a financial services company with wholly-owned operating subsidiaries The Bank of Delmarva and Virginia Partners Bank, announced that at special meetings June 22 Link and Partners shareholders approved the merger of Partners with and into Link, with Link as the surviving corporation. 

The closing of the proposed merger remains subject to regulatory approvals and other customary closing conditions. 

Andrew S. Samuel, CEO and vice chairman of LinkBancorp, said in a release, “We are grateful for the strong support of our shareholders, affirming the strategic significance of combining Link and Partners in a transformational partnership to create a leading mid-Atlantic community banking franchise. Together we will build on our shared heritage in community banking while providing greater strength, size and stability to serve local communities, and to generate greater profitability and returns for our shareholders.” 

John W. Breda, president, CEO and director of Partners Bancorp, added: “With this milestone, we are one step closer to creating a partnership that will benefit all stakeholders, including the communities we serve. We are excited about what the future holds for the combined company.” 

LinkBancorp Inc. was formed in 2018 “with a mission to positively impact lives through community banking,” the release said. Once this merger goes through, LinkBank will have almost $3 billion in assets. 

Paula Wolf is a freelance writer 

Bellco to merge into Lehigh Valley credit union

Trexlertown-based First Commonwealth Federal Credit Union has announced that it has plans to merge with Bellco Federal Credit Union in Wyomissing. 

First Commonwealth serves m embers throughout the Lehigh Valley, Bellco has locations throughout Central Pennsylvania. 

The two credit unions have agreed to the merger pending the approval of the National Credit Union and Bellco’s Membership. 

The credit unions, when merged, will do business as First Commonwealth Federal Credit Union, and will have combined assets of more than $1.3 billion and over 92,000 members across 14 branch locations.  

“As a member-owned community financial cooperative, our members are our top priority. By joining forces with First Commonwealth Federal Credit Union, our members will have access to additional products and services, and a growing network of financial centers and ATMs/ITMs across the Lehigh Valley, Warren County, New Jersey and Berks County,” said Tom Gosling, Bellco Federal Credit Union’s president and CEO. “Bellco’s community impact will be amplified through First Commonwealth’s ‘We Thrive Foundation’, Corporate Social Responsibility initiatives, and volunteerism.” 

It’s expected that, with approval, the merger will be complete in the first half of 2024. 

JBT Bancorp elects new chairman of the board

JBT Bancorp Inc., the holding company of Jonestown Bank & Trust Co., announced that Glenn T. Wenger has been elected to serve as the chairman of the board of directors of JBT Bancorp Inc. and Jonestown Bank & Trust Co.

Wenger, a Myerstown resident, replaces Richard Newmaster Jr., who retired after serving on the board for 19 years. Newmaster has been named director emeritus.

“It has been a profound pleasure working with Rich,” Troy A. Peters, JBT President and CEO and a member of the board, said in a release. “We thank him for his service, counsel and leadership.”

President of Wengers in Myerstown, Wenger previously served as vice chairman of JBT Bancorp Inc. and Jonestown Bank & Trust Co., joining the board in 2008. He is also chairman of Ag Industrial Inc. and president of JK&B Inc.

In other board business, Edwin C. Hostetter II was elected vice chairman, and Edward L. Anspach was re-elected to the roles of second vice chairman and secretary of JBT Bancorp Inc. and Jonestown Bank & Trust Co.

A resident of Robesonia, Hostetter has served on the board since 2013. Prior to his retirement, the CPA and management consultant was vice president of finance and chief financial officer at SSM Group Inc.

Anspach is president of Anspach Autos and a resident of Grantville; he has served on the board since 1987.

Also re-elected to the board were Jeffrey Bohn, Lloyd Deaven Jr., Jonathan Hollinger, Brian Miller, Sallie Neuin, Dr. Sina Patel, Troy A. Peters and Eric Trainer.

Paula Wolf is a freelance writer

Mid Penn receives approvals for bank merger, extends into central NJ

Harrisburg-based Mid Penn Bancorp Inc. and New Brunswick, New Jersey-based Brunswick Bancorp announced Tuesday that they have received necessary approvals from the applicable regulatory agencies to complete the proposed merger of Brunswick with and into Mid Penn.

Shareholders from Mid Penn and Brunswick approved the transaction at a special meeting held April 25. Mid Penn signed an agreement to acquire Brunswick Bancorp late last year for $53.9 million.

The merger will extend Mid Penn’s footprint into new markets and expand its presence into central New Jersey. Mid Penn, on a pro forma basis following completion of the merger, is expected to have approximately $5 billion in assets. The deal is anticipated to close in the second quarter of 2023.

Mid Penn President and CEO Rory G. Ritrievi said in a release, “We are pleased to have timely received all regulatory and shareholder approvals required in order to consummate our acquisition of Brunswick Bancorp, a transaction that supports our growth objectives, complements our franchise, and propels long-term shareholder value. The level of support for this transaction was tremendous. Of the total number of votes received, over 99% of Brunswick shares voted in favor of the merger and more than 97% of Mid Penn shares also voted in favor of the merger.”

Mid Penn Bancorp Inc. is the parent company of Mid Penn Bank, a full-service commercial bank, and MPB Financial Services LLC, a provider of specialized investment strategies, insurance and planning services to individuals, families and businesses. Mid Penn operates retail locations in 17 counties in Pennsylvania.

Brunswick Bancorp is the holding company for Brunswick Bank & Trust Co., a New Jersey chartered commercial bank that serves central New Jersey through its New Brunswick main office and four additional branch offices.

Paula Wolf is a freelance writer

Mid Penn to move forward with NJ bank acquisition

Harrisburg-based Mid Penn Bancorp Inc. and New Brunswick, New Jersey-based Brunswick Bancorp announced Tuesday that they have received necessary approvals from the applicable regulatory agencies to complete the proposed merger of Brunswick with and into Mid Penn.

Shareholders from Mid Penn and Brunswick overwhelmingly approved the transaction at special meetings held April 25. Mid Penn signed an agreement to acquire Brunswick Bancorp late last year for $53.9 million.

The merger will extend Mid Penn’s footprint into new markets and expand its presence into central New Jersey. Mid Penn, on a pro forma basis following completion of the merger, is expected to have approximately $5 billion in assets. The deal is anticipated to close in the second quarter of 2023.

Mid Penn President and CEO Rory G. Ritrievi said in a release, “We are pleased to have timely received all regulatory and shareholder approvals required in order to consummate our acquisition of Brunswick Bancorp, a transaction that supports our growth objectives, complements our franchise, and propels long-term shareholder value. The level of support for this transaction was tremendous. Of the total number of votes received, over 99% of Brunswick shares voted in favor of the merger and more than 97% of Mid Penn shares also voted in favor of the merger.”

Mid Penn Bancorp Inc. is the parent company of Mid Penn Bank, a full-service commercial bank, and MPB Financial Services LLC, a provider of specialized investment strategies, insurance and planning services to individuals, families and businesses. Mid Penn operates retail locations in 17 counties in Pennsylvania.

Brunswick Bancorp is the holding company for Brunswick Bank & Trust Co., a New Jersey chartered commercial bank that serves central New Jersey through its New Brunswick main office and four additional branch offices.

Paula Wolf is a freelance writer

LinkBancorp to merge with mid-Atlantic peer

Andrew Samuel, startup bank Linkbank’s chairman and CEO – Submitted

Camp Hill-based LinkBancorp Inc., parent company of LinkBank, and Partners Bancorp, a financial services company with operating subsidiaries The Bank of Delmarva and Virginia Partners Bank, has entered into an agreement to merge in an all-stock combination, valued at approximately $167.8 million.

Once the transaction is completed, the combined organization will be a leading mid-Atlantic community banking franchise with nearly $3 billion in assets and an expected $300-plus million market capitalization.

The combined bank holding company will operate under the LinkBancorp Inc. name; each of Partners’ subsidiary banks will merge with and into LinkBank. The combined company will operate under Link’s regional focused business model, and Partners executives will lead the Delmarva/Maryland, Northern Virginia and Fredericksburg regions. The corporate headquarters will be in Camp Hill.

Andrew S. Samuel, CEO and vice chairman of LinkBankcorp, said in a release, “This is a transformational partnership that will enhance what both banks are able to do for our team members, clients, investors and communities, while driving significant value for our shareholders. This merger significantly accelerates each entity’s size, profitability and operating leverage. We look forward to bringing our companies together to better serve all stakeholders and achieve our mission of positively impacting lives.”

Joseph C. Michetti, Jr., Link’s current chairman, will continue to serve as chairman of the combined company board of directors.

The merger is expected to close in the third quarter of this year.

LinkBancorp Inc. was formed in 2018. Its subsidiary, LinkBank, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout central and southeastern Pennsylvania through 10 client solutions centers. The merged entity will have a combined 30 or so branches in Pennsylvania, New Jersey, Delaware, Maryland and Virginia.

Paula Wolf is a freelance writer

Centric Financial Corp. acquired for $139.9 million

Centric Financial Corp. and its banking subsidiary Centric Bank moved into a new operations center in Hampden Township, Cumberland County late last year – PHOTO/PROVIDED 

First Commonwealth Financial Corp. completed its previously announced acquisition of Centric Financial Corp., the parent company of Harrisburg-based Centric Bank.

The final purchase price was $139.9 million at the time of closing, according to First Commonwealth.

With the merger, First Commonwealth’s board of directors has appointed former President and CEO of Centric Patricia A. Husic, as a board member. She will also stay on as a consultant for the next six months for a consulting fee of $100,000.

“We are pleased to announce the completion of the merger with Centric and are excited to build upon the terrific relationships that Centric has developed over the years,” First Commonwealth President and CEO T. Michael Price said in a release.

Centric Bank customers will be able to access First Commonwealth’s network of 55,000 surcharge-free ATMs worldwide, as well as 126 retail offices across Pennsylvania and Ohio.

They will also have access to mortgage and personal loans, wealth management and insurance, and enhanced online banking, BillPay, mobile banking and mobile payment solutions.

Commercial customers will have access to a full line of cash management services and a set of payment processing options to help manage credit and debit card transaction processing.

“This combination expands our presence into the attractive Pennsylvania markets in and around Harrisburg, Lancaster, Devon and Doylestown,” said Price. “Centric is well-respected within these communities with proven leadership. Our mission is to improve the financial lives of our neighbors and their businesses and we look forward to carrying out this mission with our new Centric teammates for many years to come.”

Paula Wolf is a freelance writer