Mergers and Acquisitions

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Mergers and Acquisitions

Mergers and Acquisitions

On May 25, 2018, the Corporation and Community First Bancorp (Community First) announced that they have entered into an Agreement and Plan of Merger providing for the acquisition of Community First by the Corporation. Community First is the holding company for Community First Bank, a Pennsylvania bank headquartered in Reynoldsville, Pennsylvania and operates two offices located in Clarion County, Pennsylvania and two offices located in Jefferson County, Pennsylvania.

Under the terms of the merger agreement, Community First will merge into the Corporation and shareholders of Community First will receive 1.2008 shares of the Corporation's common stock and $6.95 in cash for each share of common stock of Community First or approximately $16.3 million in common stock and $2.6 million in cash in the aggregate. The merger is expected to be completed in the fourth quarter of 2018, subject to the satisfaction of customary closing conditions, including regulatory approval and the approval of the shareholders of Community First.