Investment Banking - MidCoast Community Bancorp, Inc.

Transactions | Banking

Client: MidCoast Community Bancorp, Inc.
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

MidCoast Community Bancorp, Inc. has been acquired by
First Citizens Community Bank

  • MidCoast Community Bancorp, Inc. (“MDCT”) is the holding company of MidCoast Community Bank, a Delaware-chartered commercial bank founded in 2007, which operates three community banking offices in New Castle and Kent Counties, Delaware. In addition to lending in these Delaware markets, MidCoast Community Bank is also an active lender in Chester County, Pennsylvania. As of June 30, 2019, MDCT had approximately $268.5 million in assets, $230.9 million in loans, and $212.6 million in deposits.
  • Citizens Financial Services, Inc. (“CZFS”) is the bank holding company for First Citizens Community Bank, a Pennsylvania-chartered commercial bank founded in 1932. First Citizens operates 28 full-service offices in Pennsylvania and New York as well as a loan production office in Dallas, Pennsylvania. As of June 30, 2019, CZFS had approximately $1.5 billion in assets, $1.1 billion in loans, and $1.2 billion in deposits.
  • Under the terms of the merger agreement, MDCT’s common shareholders can elect to receive for each share of MDCT stock either (i) $6.50 in cash, (ii) 0.1065 shares of CZFS’s stock, or (iii) a combination of cash and CZFS’s stock, subject to proration and allocation to ensure that 75% of MDCT’s outstanding shares will be exchanged for stock and the remaining 25% will be exchanged for cash.
  • The transaction closed on April 17, 2020.
  • Boenning & Scattergood, Inc. served as financial advisor to MDCT and rendered a fairness opinion to its board of directors.

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