Beneficial to buy Conestoga Bank
Beneficial Bancorp (NASDAQ:BNCL) said Thursday it will acquire Chester Springs-based Conestoga Bancorp and its 14 branch locations in southeastern Pennsylvania for up to $105 million in cash. Closing is anticipated in the first or second quarter of 2016.
Beneficial Bancorp (NASDAQ:BNCL) said Thursday it will acquire Chester Springs-based Conestoga Bancorp and its 14 branch locations in southeastern Pennsylvania for up to $105 million in cash. Closing is anticipated in the first or second quarter of 2016.
Conestoga had $712 million in assets, $506 million in loans and $530 million in deposits on June 30.
Beneficial, the largest bank headquartered in Philadelphia, also announced third quarter results: net income of $5.8 million and $18.1 million, or $0.07 and $0.23 per diluted share, for the three and nine months ended Sept. 30, respectively, compared to net income of $6.5 million and $13.6 million, or $0.08 and $0.17 per diluted share, for the same periods in 2014. - Staff report .