Citizens & Northern (C&N), a Pennsylvania-based bank holding company, has announced the acquisition of another Pennsylvania firm Susquehanna Community Financial (SQCF) for approximately $44.3m.

The move, approved by both companies' boards of directors, involves SQCF’s merger with and into C&N.

C&N is the bank holding company for Citizens & Northern Bank, which has 28 banking offices across Pennsylvania and New York.

Under the agreed deal terms, SQCF shareholders will receive 0.80 shares of C&N common stock for each share held.

Upon the merger, former SQCF shareholders will own about 13% of C&N's outstanding common stock.

The deal is slated for completion in the fourth quarter of this year, contingent upon standard closing conditions, including regulatory approvals and shareholder consent from SQCF.

C&N president and CEO Bradley Scovill said: “This combination continues our strategic efforts to enter attractive markets through acquisition and leverages the strengths of two reputable community banks that share a similar culture and customer-first mindset.”

As of 31 March 2025, C&N reported consolidated assets of $2.6bn, while SQCF, the parent of Susquehanna Community Bank with seven branches in Central Pennsylvania, reported assets of $598m.

Following the merger, the combined entity will have approximately $3.2bn in assets.

This merger is set to expand C&N's foothold in central Pennsylvania.

The integration is expected to diversify C&N's loan portfolio and funding sources.

As part of the deal, Chris Trate, the current chairman of the SQCF board, will become a member of the C&N and C&N Bank boards.

Additionally, Dave Runk will take on the role of executive vice president and strategic advisor at C&N Bank, while Susquehanna president and COO Jeffrey Hollenbach will head the Susquehanna market as region president.

Runk said: “This transaction is very positive for our shareholders, providing them with an attractive return on their investment in SQCF, enhanced liquidity, and an opportunity to create greater value in the years ahead.”

"Citizens & Northern to acquire Susquehanna Community Financial " was originally created and published by Retail Banker International, a GlobalData owned brand.

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