Investment Banking - Codorus Valley
Transactions | Banking
Client: Codorus Valley
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.