HARRISBURG, Pa.–(PRNewswire)–Riverview Financial Corporation (“Riverview“) (OTCQX: RIVE) headquartered in Harrisburg, Pennsylvania today announced the completion of its merger with CBT Financial Corp. (“CBT”) (OTC PINK: CBTC), headquartered in Clearfield, Pennsylvania, on October 1, 2017. The merger will form a community banking franchise with approximately $1.2 billion of assets and will provide enhanced products and services through 33 banking locations covering 12 Pennsylvania counties.
In the merger, CBT shareholders will receive 2.86 shares of Riverview common stock in exchange for each share of CBT common stock. The board of directors of the combined company will be split evenly between Riverview and CBT selected directors. In addition, the combined company will move its corporate headquarters to State College, Pennsylvania.
Kirk Fox, Chief Executive Officer, stated, “This transaction creates a major central Pennsylvania franchise with bank assets exceeding $1.1 billion and wealth management assets under management of approximately $400 million.” He continued, “Our enhanced stature will create more growth and more opportunities, both of which are essential for enhancing shareholder value.”
Brett Fulk, President, added, “We began seeing the benefits of the merger immediately after the announcement of the transaction as our communities embraced the formation of a stronger community bank that could better serve their needs.”