Fidelity D & D Bancorp, Inc. and Norwood Financial Corp. announced today the execution of an agreement
OREANDA-NEWS. Fidelity D & D Bancorp, Inc. (OTC US:FDBC) and its banking subsidiary Fidelity Deposit and Discount Bank (“Fidelity Bank”), and Norwood Financial Corp. (NASDAQ GM:NWFL) and its banking subsidiary Wayne Bank announced today the execution of an agreement whereby Fidelity Bank will acquire all of the deposits and certain loans of Wayne Bank’s West Scranton branch office. Terms of the transaction were not disclosed.
Fidelity Bank will purchase all of the deposit liabilities associated with the branch, certain loans, and the branch real estate, with the intention of consolidating the acquired deposits and loans into its current West Scranton branch office. Current Wayne Bank employees in the West Scranton office will become employees of Fidelity Deposit and Discount Bank upon the closing of the sale.
In announcing the transaction, Daniel Santaniello, President and CEO of Fidelity D & D Bancorp, Inc., stated “we look forward to welcoming Wayne Bank’s West Scranton customers to Fidelity Bank. This transaction will enhance our presence in a market we committed to several years ago. The transition from one customer-focused community bank to another, and to a nearby location, will provide for a seamless customer experience.”
Lewis Critelli, President and CEO of Norwood, stated “our West Scranton branch came to us by way of a prior acquisition. Through this transaction with Fidelity Bank, our customers will continue to receive superior community bank service, with familiar faces.”
The transaction is expected to close during the fourth quarter of 2016, subject to regulatory review and approval. Customers of the acquired branch will receive information regarding the transfer of their accounts in the next few months. In the interim, accounts will continue to function as they have with Wayne Bank.
Bybel Rutledge LLP served as Fidelity Bank’s legal counsel for this transaction. Jones Walker LLP, Washington, DC served as Norwood’s legal counsel for this transaction. The Kafafian Group, Inc. served as the financial advisor for Fidelity Bank for this transaction.
About Fidelity D & D Bancorp, Inc.
Fidelity D & D Bancorp, Inc. has built a strong history as trusted advisors to the customers served by The Fidelity Deposit and Discount Bank, and is proud to be an active member of the community of Northeastern Pennsylvania. The Company serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank’s 10 community banking office locations providing personal and business banking products and services, including wealth management assistance through fiduciary activities with the Bank’s full trust powers; as well as offering a full array of asset management services.
About Norwood Financial Corp.
Norwood Financial Corp, through its subsidiary, Wayne Bank operates fifteen offices in Northeastern Pennsylvania and twelve offices in Delaware and Sullivan Counties, New York. The New York offices represent locations that were assumed through the acquisition of Delaware Bancshares, Inc. and its wholly-owned subsidiary, NBDC Bank, which closed on July 31, 2016. As of June 30, 2016, Norwood had total assets of $767.8 million, loans outstanding of $581.2 million, total deposits of $584.3 million and total capital of $104.6 million, while Delaware had total assets of $378.3 million, loans outstanding of $112.4 million, total deposits of $327.5 million and shareholders’ equity of $24.1 million. Norwood’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.