Fidelity D & D Bancorp, Inc. to Acquire MNB Corporation

Nachrichtenquelle: globenewswire
10.12.2019, 14:15  |  122   |   |   

DUNMORE, Pa., Dec. 10, 2019 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) (“Fidelity”), the parent bank holding company of Fidelity Deposit and Discount Bank (“Fidelity Bank”), founded in 1902, a Pennsylvania state-chartered, FDIC insured bank and trust company headquartered in Dunmore, PA, announced today the execution of a definitive agreement whereby MNB Corporation (OTCPink: MNBC) (“MNB”) will be merged with and into Fidelity, and subsequently, Merchants Bank of Bangor, MNB’s wholly-owned subsidiary bank, founded in 1890, will merge with and into Fidelity Bank. The resulting merger will expand Fidelity Bank’s full-service footprint into Northampton County, PA and the Lehigh Valley. At closing, two representatives from MNB will join the boards of Fidelity and Fidelity Bank, respectively.

Daniel J. Santaniello, Fidelity President and Chief Executive Officer, stated, “Fidelity D & D Bancorp, Inc. is pleased to welcome MNB to the Fidelity family. The addition of such a premier financial institution will enhance our market presence and allow us to better serve its communities. Furthermore, we look forward to expanding our market area as we enter Northampton County, Pennsylvania, a county with demographics that provide enhanced growth opportunities. Over the years, Merchants Bank has been an outstanding resource and banking partner to its client base. We believe that working alongside Merchants’ seasoned bankers, the Fidelity Bank relationship banking model focusing on providing trusted financial advice will enhance the product and service offerings to our combined customers.”

Based on the financial results as of September 30, 2019, the combined company would have pro forma total assets of approximately $1.46 billion, total deposits of approximately $1.28 billion, and loans of approximately $1 billion.

Once the merger is complete, Fidelity Bank will operate 21 retail community banking offices in Northeastern and Eastern Pennsylvania. Fidelity Bank offers a complete range of consumer and business products, including wealth management. Its Customer Care Center is open 7 days a week for the convenience of its clients. Additionally, Fidelity Bank offers the ability for its clients to apply for consumer deposits, real estate loans, and personal loans through its robust online application processes.

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