WILLIAMSPORT, Pa. and LUZERNE, Pa., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (Penns Woods) (Nasdaq:PWOD) and Luzerne National Bank Corporation (Luzerne) (PINK:LUZR) jointly announced today that they have entered into a definitive merger agreement under which Penns Woods will acquire Luzerne in a stock and cash transaction. The merger, approved unanimously by the boards of directors of both companies, further broadens Penns Woods' footprint into contiguous markets located in the Pennsylvania counties of Luzerne and Lackawanna. The combined company will have more than $1.1 billion in assets.
"We are very excited to be able to become partners with Luzerne. The organizations fit together nicely, sharing a unified commitment to deliver the best banking experience," said Richard A. Grafmyre, President and CEO of Penns Woods and Jersey Shore State Bank. "This acquisition creates tremendous opportunities to build on the successes that each organization has achieved individually in its own markets."
"As Chairman of the Board of Penns Woods, I look forward to the opportunities presented by the partnership of the two organizations," said Ronald A. Walko, Chairman of the Board of Penns Woods. "I expect that together these two great banks will maximize Penns Woods shareholder value through expanded financial services.""The affiliation of Luzerne with Penns Woods will present significant opportunities for our customers, employees and shareholders," said Luzerne President and CEO Robert C. Snyder. "Each organization is known for its commitments to customer service and community. Partnering with Penns Woods will bring increased financial service capabilities to our customers while allowing Luzerne to maintain its local identity as an independent community bank. We have known the team at Penns Woods for many years, admire their success, and look forward to adding to that success." "We have always been proud of being one of the leading community banks in northeastern Pennsylvania and our partnership with Penns Woods will allow us to continue that tradition," stated Joseph E. Kluger, Chairman of the Board of Luzerne. "In addition, the terms of the transaction provide a significant, on-going role for Luzerne in the combined company along with receipt of consideration for shareholders that is very attractive financially. We are excited by the opportunity to become part of this growing company."
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