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Beneficial to acquire Conestoga Bank for $105M
Stacy Wescoe//October 23, 2015//
Listen to this articleConestoga has 14 locations, including branches on Cedar Crest Boulevard in Allentown on Skippack Pike in Blue Bell and on South Hanover Street in Pottstown.
Conestoga Bank has approximately $712 million in assets, $506 million in loans and $530 million in deposits.
“Conestoga Bank’s 14 locations are a great complement to our branch network and add important commercial and consumer relationships to our banking franchise,” said Gerard P. Cuddy, president and CEO of Beneficial.
Cuddy said the transaction is valued at 160 percent of Conestoga Bank’s tangible book value at closing but will not be greater than $105 million.
Beneficial has $4.7 billion in assets and 56 branches in greater Philadelphia and South New Jersey regions.
Beneficial was advised in this transaction by the investment banking firm of Griffin Financial Group LLC, as well as the law firm of Kilpatrick Townsend & Stockton LLP. Conestoga was advised by the investment banking firm of Sandler O’Neill Partners and the law firm of Drinker Biddle & Reath LLP.
