Tower’s banks branches, which currently operate under Graystone, Tower and 1N Bank divisions will operate as Susquehanna Bank offices, said the firm.
Tower’s three members from Board of Directors joined Susquehanna Bancshares and Susquehanna Bank’s Boards of Directors. They are Samuel, Jeffrey Lehman, president and CEO of Shank’s Extracts, and Robert Poole, Jr., chairman, president and CEO of S&A Homes.
According to terms of the transaction, each share of Tower common stock outstanding prior to merger completion was converted into the right to receive 3.4696 shares of Susquehanna common stock or $28.00 in cash, which is subject to settlement so that $88m of the aggregate consideration is paid in cash.
Susquehanna obtained financial advice from JP Morgan Securities, while Morgan, Lewis & Bockius acted as legal counsel. Keefe, Bruyette & Woods acted as financial advisor to Tower and Rhoads & Sinon as legal counsel.
Backed with the acquisition, Susquehanna owns $17.5bn in assets and 261 offices in Pennsylvania, Maryland, New Jersey and West Virginia in the US. It has nearly $12.4bn in deposits and $12.5bn in loans.
