Fidelity D & D Bancorp in Dunmore, Pa., has agreed to buy Landmark Bancorp in Pittston, Pa.
Fidelity, the parent of the $1.7 billion-asset Fidelity Deposit and Discount Bank, said in a press release Friday that it will pay $43.4 million in cash and stock for the $354 million-asset Landmark. The deal is expected to close in the third quarter.
Landmark has $287 million of deposits and $280 million of loans.
“Since its founding, Landmark has demonstrated methodical growth and developed a solid reputation in the community,” Daniel Santaniello, Fidelity’s president and CEO, said in the release. “The addition of Landmark provides continued momentum in the execution on our strategic plan and reinforces our position of strength in the local market.”
One Landmark director will join Fidelity’s board.
Bybel Rutledge and Commonwealth Advisors advised Fidelity, while Janney Montgomery Scott provided a fairness opinion. Pillar Aught and PNC FIG Advisory advised Landmark.
