Investment Banking - Monument Bancorp, Inc.
Transactions | Banking
Client: Monument Bancorp, Inc.
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor
- Monument Bancorp, Inc. (“Monument”) is a commercial bank headquartered in Doylestown, Pennsylvania. The Bank opened for business in February 2008 and operates two full-service banking offices and one loan production office in Bucks county, Pennsylvania. The Bank provides traditional commercial and retail banking services to small businesses and consumers.
- Citizens & Northern Corporation, (CZNC) through its primary subsidiary, Citizens & Northern Bank, operates 26 branch banking offices in Bradford, Tioga, Lycoming, Sullivan, Potter, Cameron and McKean counties in Pennsylvania and Steuben county in New York as well as a loan production office in Elmira, New York.
- Monument will be acquired by CZNC, with CZNC the surviving entity in a transaction valued at approximately $42.7 million. In the transaction, Monument shareholders will elect to receive either 1.0144 shares of CZNC common stock or $28.10 in cash for each share of Monument common stock owned, subject to proration to ensure that, overall, 20% of the Monument shares will be converted into cash and 80% will be converted into CZNC stock.
- The acquisition closed Q2, 2019.
- Boenning & Scattergood, Inc. served as financial advisor to and issued a fairness opinion to Monument Bancorp, Inc.