Magazine article American Banker

Pa. Town 'Saves' Bank from Deal

Magazine article American Banker

Pa. Town 'Saves' Bank from Deal

Article excerpt

A grassroots campaign to block the sale of a small Pennsylvania town's only locally owned bank succeeded last week when shareholders rejected the deal.

Shareholders of privately held Peoples State Bank of Wyalusing voted Friday against a bid by Citizens and Northern Corp. of Wellsboro. Though 65% of the outstanding shares were voted for the deal, 75% was needed for approval. About 28% of the shares were voted against it, giving those opposed to the sale a victory but not quite the resounding one they were hoping for.

"We were disappointed that we didn't send a stronger message," said Jane Dietz, a shareholder and local business owner who was on the "Save Our Bank" committee.

The committee was formed shortly after $120 million-asset Peoples State announced in June that it had accepted a $22.8 million bid from $704 million-asset Citizens. It warned that the deal would mean job losses and economic hardship for Wyalusing, a small dairy town in northeastern Pennsylvania. …

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