This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Susquehanna Bancshares Inc. Completes Acquisition Of Tower Bancorp Inc.

Susquehanna Bancshares Inc. (Nasdaq: SUSQ) completed its acquisition of Tower Bancorp Inc. (Nasdaq: TOBC) on February 17, 2012, creating Pennsylvania’s largest community bank.

Tower’s bank branches in central and southeastern Pennsylvania as well as Maryland – which operated under the Graystone, Tower and 1N Bank divisions – will open after the Presidents’ Day weekend as Susquehanna Bank offices. With the acquisition, Susquehanna has $17.5 billion in assets and 261 offices in Pennsylvania, Maryland, New Jersey and West Virginia. The bank has approximately $12.4 billion in deposits and $12.5 billion in loans.

“Graystone Tower Bank built a great reputation for serving their customers and communities, and we are pleased to welcome their customers, employees and shareholders to Susquehanna,” said William J. Reuter, Chairman and Chief Executive Officer of Susquehanna Bancshares. “This merger enhances our presence in key markets, expands our branch network into several new counties, and positions us to grow and strengthen our company.”

Susquehanna Bank is one of the top three banks by market share in 14 of the counties it serves. The addition of Graystone Tower Bank’s branches significantly increased Susquehanna’s branch network in Chester County, as well as in central Pennsylvania. In addition, Susquehanna Bank acquired branches for the first time in State College and in Fulton and Lebanon counties in Pennsylvania. Graystone’s wealth management business, headquartered in Chester County, will become part of Susquehanna Wealth Management.

“With Susquehanna Bank, we offer customers a wide array of financial products and services to meet any need they may have, along with a convenient network of branch offices and staff dedicated to personal service,” said Andrew Samuel, Tower’s Chairman and Chief Executive Officer, who joined Susquehanna as President and Chief Revenue Officer.

In conjunction with the merger, three members of Tower’s Board of Directors have joined the Boards of Directors of Susquehanna Bancshares Inc. and Susquehanna Bank: Samuel, Jeffrey F. Lehman, President and Chief Executive Officer of Shank’s Extracts Inc., Lancaster, Pa., and Robert E. Poole, Jr., Chairman, President and Chief Executive Officer of S&A Homes Inc., State College, Pa.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs