Fidelity D & D Bancorp, Inc. to acquire Norwood Financial Corp’s West Scranton branch office
September 30, 2016 / Dumore, PA and Honesdale, PA – Fidelity D & D Bancorp, Inc. (OTC US:FDBC) and its banking subsidiary Fidelity Deposit and Discount Bank (“Fidelity Bank”), and Norwood Financial Corp. (NASDAQ: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.