GNB, headquartered in Gratz, Pennsylvania, operates three community bank offices in Gratz, Valley View, and Herndon Pennsylvania.
In connection with the merger, HNB will merge with and into GNB. HNB will also designate two individuals to be appointed as directors of GNB Financial and GNB. The remaining HNB directors will comprise a newly-created Herndon advisory board of GNB.
GNB Financial and GNB president and CEO Theodore Bonwit said the addition of the Herndon National Bank to Gratz National Bank enhances the organization’s market penetration and presents an exciting opportunity for growth in the future.
The merger is subject to customary closing conditions including receipt of regulatory approvals and the approval of HNB’s shareholders. GNB anticipates that the transaction will close during the third quarter of 2011.
