Pennsylvania community banks merge to form $3.2 billion institution
The combination of C&N Bank and Susquehanna Community Bank will reshape the banking landscape in northcentral Pennsylvania.
Citizens & Northern Bank in Wellsboro, Pennsylvania, plans to acquire Susquehanna Community Bank in West Milton for $44.3 million.
The $2.6 billion-asset C&N said SQCF shareholders will receive 0.80 shares of C&N common stock for each share of SQCF common stock held.
C&N operates 28 branches and one loan production office in Pennsylvania and New York, and Susquehanna has seven branches in Central Pennsylvania and assets of $598 million.
“This combination continues our strategic efforts to enter attractive markets through acquisition and leverages the strengths of two reputable community banks that share a similar culture and customer-first mindset,” said J. Bradley Scovill, President and CEO of C&N, and David Runk, CEO of SQCF, in a joint statement.
Chris Trate, SQCF Board Chairman, will join the C&N board of directors. In addition, Runk will become a member of the C&N Bank executive team as EVP and Strategic Advisor.
Jeffrey Hollenbach, President and COO of Susquehanna, will lead the Susquehanna market as Region President.
The deal represents a substantial extension of legacy C&N markets, creating additional scale in central Pennsylvania and will allow the bank to further diversify its loan portfolio and funding base, increasing its resiliency and efficiency.
“This transaction is very positive for our shareholders, providing them with an attractive return on their investment in SQCF, enhanced liquidity, and an opportunity to create greater value in the years ahead,” Runk said in the press release.
The deal is expected to close in the fourth quarter of 2025.
Both banks have been profitable of late. Susquehanna earned $2.3 million in 2024 after earning $2.2 million in the prior year. For C&N, earnings in 2024 totalled $26 million compared to roughly $24 million in 2023.
“We believe the time is right for SQCF to partner with a significant and growing bank like C&N that will provide our customers access to a diversified product set and expanded banking capabilities.”
– David Runk
CEO
Susquehanna Community Financial
