By JENNIFER FITCH
SHIPPENSBURG, Pa. — A $32.4 million merger between the holding companies for Orrs- town Bank and First Community Bank of Mercersburg (Pa.) announced in late May is now complete.
Orrstown Financial Services Inc. acquired Mercersburg Financial Corp. as part of the agreement.
First Community Bank of Mercersburg locations now will be branded as Orrstown Bank.
“We are pleased to welcome Mercersburg’s customers, employees and shareholders to the Orrstown family. As one community bank, we will be able to enhance our customer experience by providing a wider range of products and services through additional locations and digital channels,” Orrstown President and CEO Thomas R. Quinn Jr. said in a statement.
Robert J. Fignar, an executive with Mercersburg Financial Corp., will become executive vice president of the combined entity. He also will oversee the market in Franklin and Perry counties in Pennsylvania and Washington County in Maryland.
Under terms of the agreement, Mercersburg shareholders could elect to receive either 1.5291 Orrstown shares or $40 in cash for each Mercersburg share subject to terms. Officials said most shareholders chose to exchange shares.
The combined entity has about $2 billion in assets, $1.3 billion in loans and $1.6 billion in deposits.
First Community Bank of Mercersburg had six offices. Its website stated “some branches may be closed,” but officials didn’t provide details on which locations would be affected.
“We will finalize our plans and make additional announcements in the near future,” Orrs- town Bank spokesman Luke Bernstein said in an email.