Investment Banking - Community National Bank of Northwestern Pennsylvania
Transactions | Banking
Client: Community National Bank of Northwestern Pennsylvania
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.