Investment Banking - Codorus Valley

Transactions | Banking

Client: Codorus Valley
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor

  • Madison Bancorp, Inc. (“Madison”) was the bank holding company for Madison Square Federal Savings Bank, a $141 million asset bank with four branches located in Baltimore and Harford counties, Maryland.
  • Codorus Valley Bancorp, Inc. (“CVLY”) is the bank holding company for PeoplesBank, a $1.2 billion asset bank with twenty two branches located in Pennsylvania and Maryland.
  • Madison shareholders received approximately $13.9 million in an all-cash transaction, or $22.90 per share. Additionally, CVLY redeemed Madison’s options for approximately $0.5 million in cash.
  • The addition of Madison allowed the CVLY franchise to strengthen its presence in the attractive markets of Baltimore and Harford counties.
  • Pro Forma for the transaction, CVLY has approximately $1.4 billion in assets, $1.0 billion in loans, and $1.1 billion in deposits.
  • The transaction closed on January 16, 2015.
  • Boenning served as financial advisor and issued a fairness opinion to Codorus Valley Bancorp, Inc.