Bloomsburg, Pa.-based CCFNB Bancorp, Inc., and Muncy, Pa.-based Muncy Bank Financial, Inc. announced Tuesday they have agreed to merge in a strategic merger of equals.
The combined company would have approximately $1.6 billion in total assets, the companies said, with $1.2 billion in total deposits, $1 billion in total loans, and $144 million of combined shareholders’ equity based on financial statements from Dec. 31, 2022.
The merger will create an institution with greater scale, operating leverage, and resources to compete in the Central Pennsylvania market, the companies said. Muncy Bank Financial will merge with and into CCFNB Bancorp, and Muncy’s subsidiary bank, the Muncy Bank and Trust Company (MBT), will merge with and into First Columbia Bank & Trust Co., CCFNB’s banking subsidiary. The combined bank will be named Muncy Columbia Bank to represent both entities. The companies said they do not anticipate any layoffs or branch closures due to the transaction.
CCFNB’s current president and CEO, Lance Diehl, will be the chairman, president and CEO of the pro forma CCFNB and the Executive Chairman of Muncy Columbia Bank. Muncy Bank Financial chairman, president and CEO Robert Glunk will be the COO of the pro forma CCFNB and president and CEO of Muncy Columbia Bank.
“We are excited about this coming together of our community banks. We are delighted to have found a like-minded partner right in our backyard,” Diehl said. “I have the utmost confidence in our ability to work together and to leverage each other’s strengths. Our banks not only share similar cultures and values, but we also benefit from complementary business models, internal systems, and product offerings. Having begun my career as a front-line teller, I have seen the tremendous evolution of banking and the speed at which technology, in particular, has impacted how people bank. I am confident that our unified bank will be well positioned to continue to grow and serve the needs of our current generation of customers while strategically planning for and building out expanded capabilities to serve future generations for years to come.”