Susquehanna Bancshares Inc. and Community Banks Inc. Shareholders Approve Merger
02 Outubro 2007 - 4:28PM
PR Newswire (US)
Transaction expected to close in November 2007 LITITZ, Pa. and
HARRISBURG, Pa., Oct. 2 /PRNewswire-FirstCall/ -- Susquehanna
Bancshares, Inc. ("Susquehanna") (NASDAQ:SUSQ) and Community Banks,
Inc. ("Community") (NASDAQ:CMTY) today jointly announced that both
companies' shareholders approved a merger transaction under which
Susquehanna will acquire Community in a stock and cash transaction
valued at approximately $860 million. Pending the expected
regulatory approvals, today's vote enables the merger to proceed.
Upon consummation of the merger, which is expected to occur on or
about November 16, 2007, Susquehanna's assets will total more than
$12 billion. Community Banks operates approximately 80 banking
offices throughout central and eastern Pennsylvania and northern
Maryland. Community branches will adopt the Susquehanna Bank name
after the merger, increasing Susquehanna's branch count to more
than 230 throughout its Pennsylvania, Maryland, New Jersey and West
Virginia footprint. "Community's core markets, particularly in the
York/Hanover and greater Harrisburg area, have long been at the
forefront of our targeted expansion strategy," said William J.
Reuter, Susquehanna's Chairman, President and Chief Executive
Officer. "Additionally, Community's locations in the attractive
markets of Lancaster, York and Berks Counties in Pennsylvania
complement our existing franchise." Eddie L. Dunklebarger,
Community's Chairman, President and CEO said, "Susquehanna's
similar focus on community banking and its wealth management
business complement Community's. We believe that this combination
will create tremendous value for our combined shareholders,
customers, employees and communities." Dunklebarger will become
Vice Chairman of the Susquehanna Bancshares Board of Directors
after the merger. Susquehanna Bancshares, Inc., is a financial
services holding company with assets of $8.3 billion. It includes
three commercial banks that provide financial services at 164
branch locations in the mid-Atlantic region. Through Susquehanna
Wealth Management, the company offers investment, fiduciary,
brokerage, insurance, retirement planning, and private banking
services. Susquehanna also operates an insurance and employee
benefits company, a commercial finance company, and a vehicle
leasing company. For more information, please visit
http://www.susquehanna.net/. Community Banks, Inc., a financial
holding company with approximately $3.8 billion in assets and 80
banking offices throughout central and eastern Pennsylvania and
northern Maryland, is headquartered in Harrisburg, Pennsylvania.
This press release contains "forward-looking" statements as defined
in the Private Securities Litigation Reform Act of 1995, which are
based on Susquehanna's and Community's current expectations,
estimates and projections about future events. This may include
statements regarding the timing of the transaction, the likelihood
of regulatory approval, the timing and success of business plans
and integration efforts once the transaction is complete,
Susquehanna's expectations or ability to realize growth and
shareholder value through the acquisition of Community, and the
impact of the transaction on Susquehanna and its business and
financial operations. These statements are not historical facts or
guarantees of future performance, events or results. Such
statements involve potential risks and uncertainties, such as
whether the merger will be approved by regulatory authorities,
whether each of the other conditions to closing set forth in the
merger agreement will be met and the general effects of financial,
economic, regulatory and political conditions affecting the banking
and financial services industries. Accordingly, actual results may
differ materially. Neither Susquehanna nor Community undertakes any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. DATASOURCE: Community Banks, Inc. CONTACT: Alison van
Harskamp of Susquehanna Bancshares, Inc., +1-717-625-6260, or ; or
Mark Bayer of Community Banks, Inc., +1-717-920-5820, or Web site:
http://www.communitybanks.com/ http://www.susquehanna.net/
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