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Shareholders Approve Merger Plan of Pennsylvania Banks Peoples and FNCB

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Peoples Financial Services Corp. and FNCB Bancorp have received shareholder approval for their previously announced plans to merge.

This approval was given Friday (March 22) at special meetings of the companies’ respective shareholders, Peoples and FNCB said in a Friday press release.

The closing of the proposed merger remains subject to regulatory approvals and other customary closing conditions, according to the release.

In their Friday votes, the shareholders approved the merger of FNCB with and into Peoples, with Peoples being the surviving corporation, as detailed in a Sept. 27 merger plan, the release said.

Peoples is the bank holding company of Peoples Security Bank and Trust Company, an independent community bank with 28 full-service branches in Pennsylvania, New Jersey and New York, per the release.

FNCB Bancorp is the bank holding company of FNCB Bank, which is a community bank with 16 branches in Northeastern Pennsylvania, according to the Friday press release.

The companies announced in September that they had entered into a definitive agreement to merge, saying in a press release that the combination would create a bank holding company with nearly $5.5 billion in assets and a combined market capitalization of about $444 million.

“This strategic merger accelerates our objective of creating a dynamic, top-tier Pennsylvania franchise in order to help our communities become a better place to live and work while offering the best services possible to our customers,” Peoples CEO and Director Craig Best said when announcing the agreement. “Notably, this transaction will create a more diversified and liquid balance sheet, which will enable the combined company to accelerate its organic growth strategy.”

FNCB CEO, President and Director Gerard (Jerry) Champi added: “We feel confident that this strategic combination will unlock our ability to create the most dynamic, well-equipped and competitive Pennsylvania community bank franchise.”

In an earlier acquisition, Citizens Financial Services’ acquisition of HV Bancorp received regulatory approvals in April. When these banks announced their plans to merge, Citizens Financial Services said the deal would enhance and expand its presence in three counties in Pennsylvania, one in Delaware and one in New Jersey.