Citizens & Northern Bank now operates 29 banking offices located in Bradford, Bucks, Cameron, Chester, Lycoming, McKean, Potter, Sullivan and Tioga Counties in Pennsylvania and Steuben County in New York as well as loan production offices in Elmira, New York, and Warminster and York, Pennsylvania. With the addition of Covenant, C&N is projected to have assets of approximately $2.3 billion
Upon completion of the acquisition of Covenant, the former Covenant shareholders became entitled to receive either (i) $16.50 in cash without interest or (ii) 0.6212 shares of C&N common stock, together with cash in lieu of fractional shares of C&N common stock, for each outstanding share of Covenant common stock. Based on the $20.65 per share closing price of C&N common stock on June 30, 2020, the total transaction value for the Covenant transaction was approximately $63.9 million (including options). Effective as of the completion of the Covenant transaction, Covenant directors Stephen M. Dorwart and Robert G. Loughery were appointed to the boards of directors of C&N and Citizens & Northern Bank.
Blair T. Rush, Covenant’s President/Chief Operating Officer, and Kelley A. Cwiklinski, Covenant’s Chief Lending Officer, will join the C&N southeast regional leadership team as Executive Vice President/Region President and Senior Vice President/Regional Commercial Lending Executive, respectively.