Investment Banking - GNB Financial Services, Inc.

Transactions | Banking

Client: GNB Financial Services, Inc.
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Fairness Opinion

  • FNBM Financial Corporation (“FNBM”) is the bank holding company for First National Bank of Minersville, an $80 million asset bank with one location in Minersville, PA as of March 31, 2014.
  • GNB Financial Services, Inc. (“GNB”) was the bank holding company of The Gratz Bank, a $205 million asset bank with four branches located in Schuylkill, Dauphin and Northumberland counties in Pennsylvania as of March 31, 2014.
  • Under the terms of the plan of merger, FNBM shareholders may elect to receive in exchange for each share of FNBM either $276.57 in cash or 4.7684 shares of GNB common stock subject to the election of stock consideration be between 50% to 60% of the total consideration.
  • The addition of FNBM will allow the GNB franchise to continue its growth in Schuylkill County and increase its market penetration in the area.
  • FNBM shareholders received approximately $13.4 million in consideration for the transaction.
  • Pro Forma for the transaction, GNB has approximately $285 million in assets, $180 million in loans, and $250 million in deposits as of March 31, 2015.
  • Boenning rendered a fairness opinion to the Board of Directors of GNB Financial Services, Inc.