Proposed Transaction with Hometown Financial Group, Inc

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Proposed Transaction with Hometown Financial Group, Inc

20. PROPOSED TRANSACTION WITH HOMETOWN FINANCIAL GROUP, INC.

On March 28, 2022, the Company entered into an Agreement and Plan of Merger (the “merger agreement”) with Hometown Financial Group, MHC (the “MHC”), Hometown Financial Group, Inc. (“Hometown”), and Hometown Financial Acquisition Corp. (“Merger Sub”). Pursuant to the merger agreement, Merger Sub will be merged with and into the Company, with the Company as the surviving corporation (the “merger”). Immediately after the Merger, the Company will be merged with and into Hometown as the surviving corporation (the “second step merger”). Immediately following the second step merger, the Bank will merge with and into Abington Bank, the wholly-owned subsidiary of Hometown, with Abington Bank as the surviving entity. The consummation of the merger is subject to customary closing conditions, including receipt of regulatory approvals and approval by shareholders. The merger is expected to be completed in the fourth quarter of 2022.