Agreement and Plan of Merger

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Agreement and Plan of Merger

Note 18 — Agreement and Plan of Merger

On June 28, 2013, the Company announced it had entered into a merger agreement with Peoples Financial Services Corp (“Peoples”), pursuant to which the Company will merge with and into Peoples. The merger agreement provides that shareholders of the Company will receive a fixed ratio of 1.3636 shares of Peoples common stock for each outstanding share of the Company’s common stock, subject to adjustment upon the occurrence of certain events described in the merger agreement. The transaction has been unanimously approved by the boards of directors of each of the Company and Peoples. The transaction is subject to the receipt of shareholder approval from the shareholders of both the Company and Peoples, regulatory approvals and other customary closing conditions.