GNB Financial Services, (GNB), bank holding company of The Gratz Bank, and FNBM Financial Corporation (FNBM), bank holding company of The First National Bank of Minersville (FNB Minersville), have entered into an agreement and plan of merger.
As per the agreement, FNBM will merge with and into GNB and FNB Minersville will merge with and into Gratz Bank.
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GNB operates as a about $205m bank holding company of Gratz Bank, a Pennsylvania state-chartered bank headquartered in Gratz, that manages four community bank offices in Gratz, Valley View, Herndon, and Pottsville.
An $81m holding company of FNB Minersville, FNBM is a national banking association headquartered in Minersville, Pennsylvania.
GNB and Gratz Bank president and CEO Wesley M. Weymers said, "The addition of FNBM to the GNB franchise continues GNB’s growth in Schuylkill County as a strong high performing community bank and increases our market penetration to better serve our customers and provide value to our shareholders."
Dr. Jack A. Aughenbaugh, Jr. and Bruce L. Lord, Sr., the current FNBM directors will join the board of directors of GNB.
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By GlobalDataPending receipt of regulatory approvals and the approval of GNB’s and FNBM’s shareholders, the merger is expected to complete in early 2015.
