Gratz Bank operates as a state-chartered lender and is banking subsidiary of GNB Financial, which owns $182m in assets, while LCB is the $28m holding company of Liberty Bank, a federally-chartered stock savings bank.
Based on the agreement, for each share of LCB common stock outstanding, its shareholders will receive cash consideration equal to "adjusted book value per share" at the effective time of the integration.
In accordance with the terms of the transaction, the acquire will invite three of the LCB directors to join an advisory board to the GNB Financial board of directors.
GNB Financial and Gratz Bank president and CEO Wesley Weymers said that the merger will increase their locations, products, and efficiencies to better serve their customers and provide value to their shareholders.
Following approvals of the regulatory agencies as well as LCB’s shareholders approval, the transaction is expected to conclude late in the fourth quarter of 2013 or early in the first quarter of 2014.
