Investment Banking - Community National Bank of Northwestern Pennsylvania

Transactions | Banking

Client: Community National Bank of Northwestern Pennsylvania
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

  • Community National Bank of Northwestern Pennsylvania (“CNB of NWPA”) was a $77 million institution headquartered in Albion, Pennsylvania, focused on serving the needs of its local community, with five branches in the greater Erie market.
  • Andover Bancorp, Inc. (OTCQB: ANDC) is a diversified financial services holding company headquartered in Andover, Ohio, with $353 million in total assets.
  • CNB of NWPA’s offices became branches of Andover Bank following completion of the transaction.  The combined company has over $430 million in assets and 13 offices located across Ohio and Pennsylvania.
  • As exclusive financial advisor to CNB of NWPA, Boenning orchestrated a competitive auction process, which ultimately enabled the Board of Directors to select a party that would provide an attractive offer for CNB of NWPA’s shareholders, employees, and the community it serves.
  • Boenning served as financial advisor and rendered a fairness opinion to Community National Bank of Northwestern Pennsylvania.