GRATZ, Pa.–(BUSINESS WIRE)–GNB Financial Services, Inc., the parent company of The Gratz Bank, and
Riverview Financial Corporation, the parent company of Riverview Bank,
jointly announced today the execution of a definitive agreement whereby
The Gratz Bank will acquire the Trevorton Branch and its deposits and
customers of Riverview Bank located at 450 West Shamokin Street,
Trevorton, PA. The transaction is subject to regulatory approvals and
other customary closing conditions. Currently, the transaction is
expected to close late in the fourth quarter of 2019. Riverview Bank’s
Trevorton Branch customers will be receiving additional information
related to the sale in the near future. Terms of the transaction were
not announced. Upon completion of the transaction, The Gratz Bank will
operate six branch locations and a loan production office.
Bybel Rutledge LLP is serving as legal counsel to GNB Financial
Services, Inc. and The Gratz Bank. Barley Snyder is serving as legal
counsel and Janney Montgomery Scott LLC is serving as financial advisor
to Riverview Financial Corporation and Riverview Bank.
About GNB Financial Services, Inc.
GNB Financial Services, Inc., is a bank holding company with
consolidated assets of approximately $350 million that provides
financial services through The Gratz Bank. The Gratz Bank is a
full-service bank that provides consumers and businesses with loans,
deposit accounts, and other financial services. Offices are located in
Central Pennsylvania in Gratz, Valley View, Herndon, Yorkville, and
Minersville, covering three counties. The Gratz Bank also operates a
loan production office in State College, Centre County.
About Riverview Financial Corporation
Riverview Financial Corporation is the parent company of Riverview Bank.
An independent community bank, Riverview Bank serves the Pennsylvania
market areas of Berks, Blair, Centre, Clearfield, Dauphin, Huntingdon,
Lebanon, Lycoming, Northumberland, Perry, Schuylkill and Somerset
Counties through 28 community banking offices and four limited purpose
offices. Each office, interdependent with the community, offers a
comprehensive array of financial products and services to individuals,
businesses, not-for-profit organizations and government entities. The
Wealth and Trust Management divisions of Riverview Bank, with assets
under management exceeding $350 million, provide trust and investment
advisory services to the general public. Riverview’s business philosophy
includes offering direct access to senior management and other officers
and providing friendly, informed and courteous service, local and timely
decision making, flexible and reasonable operating procedures and
consistently applied credit policies. The Company’s common stock trades
on the NASDAQ Global Market under the symbol “RIVE”. The Investor
Relations site can be accessed at https://www.riverviewbankpa.com/.
Caution Regarding Forward-Looking Statements
In addition to historical information, this press release may contain
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, (a) projections or statements regarding
future earnings, expenses, net interest income, other income, earnings
or loss per share, asset mix and quality, growth prospects, capital
structure, and other financial terms, (b) statements of plans and
objectives of management or the Board of Directors, and (c) statements
of assumptions, such as economic conditions in our market areas. Such
forward-looking statements can be identified by the use of
forward-looking terminology such as “believes,”, “expects”, “may”,
“intends”, “will”, “should”, “anticipates”, or the negative of any of
the foregoing or other variations thereon or comparable terminology, or
by discussion of strategy. Forward-looking statements are subject to
certain risks and uncertainties such as local economic conditions,
competitive factors, and regulatory limitations. Actual results may
differ materially from those projected in the forward-looking
statements. We caution readers not to place undue reliance on these
forward-looking statements. They only reflect management’s analysis as
of this date. Such risks, uncertainties and other factors that could
cause actual results and experience to differ from those projected
include, but are not limited to, the following: the effects of new laws
and regulations, specifically the impact of the Tax Cut and Jobs Act and
the Dodd-Frank Wall Street Reform and Consumer Protection Act;
ineffectiveness of the business strategy due to changes in current or
future market conditions; the effects of economic conditions on current
customers, specifically the effect of the economy on loan customers’
ability to repay loans; the effects of competition, and of changes in
laws and regulations on competition, including industry consolidation
and development of competing financial products and services; interest
rate movements; difficulties in integrating distinct business
operations, including information technology difficulties; disruption
from the transaction making it more difficult to maintain relationships
with customers and employees, and challenges in establishing and
maintaining operations in new markets; volatilities in the securities
markets; and, general economic conditions. We do not revise or update
these forward-looking statements to reflect events or changed
circumstances.
Contacts
Wesley M. Weymers
President and Chief Executive Officer
GNB
Financial Services, Inc.
(717) 365-3181
Brett D. Fulk
President and Chief Executive Officer
Riverview
Financial Corporation
(717) 827-4042
