Somerset Trust Holding Company to acquire First Bank of Lilly
February 26, 2019 / Johnstown, PA – Somerset, Pennsylvania-based Somerset Trust Holding Co. agreed to acquire in-state peer First Bank of Lilly in a deal valued at $3.4 million, which the companies said was approximately equal to the target’s book value.
As part of the deal, First Bank of Lilly will merge into Somerset Trust Co., with the latter emerging as the surviving entity.
First Bank of Lilly’s shareholders in Pennsylvania, who own about 90% of its outstanding shares, will be paid in stock, while shareholders outside Pennsylvania will receive cash of equal value.
The deal, which was approved by the boards of both companies, is expected to close in the third quarter.
Somerset Trust Co. has over $1.2 billion in assets, according to the merger release. First Bank of Lilly had $20.5 million in assets as of Dec. 31, 2018.