Tower Bancorp, the holding company of The First National Bank of Greencastle, and Graystone Financial, the holding company of Graystone Bank, have received approvals to complete the proposed combination of the two institutions from the Federal Deposit Insurance Corporation, the Pennsylvania Department of Banking and the Federal Reserve Bank of Philadelphia.
The received federal and state bank regulatory approvals were the final approvals required prior to consummation of the partnership which was originally announced in November 2008; approval of both institutions’ shareholders was announced recently. It is anticipated that the partnership will be effective from April 1, 2009.
After the closing, the new organizational structure, which will not affect products or services to customers, will operate the Tower Bank and Graystone Bank divisions of Graystone Tower Bank under the holding company of Tower Bancorp.
The allied institutions’ leadership team will include: Andrew Samuel, president and CEO of Tower Bancorp; Jeffrey Renninger, executive vice president and COO of Tower Bancorp; Jeffrey Shank, executive vice president of Tower Bancorp, president and CEO of Tower Bank, a division of Graystone Tower Bank; Janak Amin, executive vice president of Tower Bancorp, president and CEO of Graystone Bank, a division of Graystone Tower Bank; and Mark Merrill, executive vice president and CFO of Tower Bancorp.
Mr. Shank said: We are pleased that all of the necessary approvals are in place and we are looking forward to moving ahead with our partnership. It will be business as usual when the partnership closes and we open our doors as Tower Bank, a division of Graystone Tower Bank, in April. Customers can expect to see the same familiar faces in our branches that they have come to know and trust and we are anticipating that this will be a smooth transition.
