On April 17, 2020, Citizens Financial Services, Inc., Mansfield, Pennsylvania (“Citizens”), the holding company for First Citizens Community Bank, successfully completed its acquisition of MidCoast Community Bancorp, Inc., Wilmington, Delaware (“MidCoast”), the holding company for MidCoast Community Bank.
Under the terms of the merger agreement, each outstanding share of MidCoast common stock was converted into the right to receive either 0.1065 shares of Citizens common stock or $6.50 in cash, subject to proration and allocation procedures to ensure that 75% of MidCoast common stock was exchanged for shares of Citizens common stock and 25% was exchanged for cash.
Citizens Financial Services, Inc. provides banking services through 31 full-service offices in Pennsylvania, Delaware and New York.
Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.