Susquehanna Bancshares, Inc. (Susquehanna) (Nasdaq: SUSQ) today announced a correction to the results of elections made by Tower Bancorp, Inc. (Tower) shareholders regarding the form of merger consideration they will receive as a result of the February 17, 2012, acquisition of Tower by Susquehanna. Initial results reported on February 23, 2012, were inaccurate due to an exchange agent error concerning the number of issued and outstanding shares of Tower common stock. Under the merger agreement, Tower shareholders were entitled to elect to receive, for each share of Tower common stock, either 3.4696 shares of Susquehanna common stock or $28.00 in cash. The individual elections made by each shareholder were subject to proration so that $88 million of the aggregate consideration is paid in cash. The election deadline was 5 p.m. Eastern Time on February 15, 2012. At the effective time of the acquisition, there were 12,008,852.362 shares of Tower common stock issued and outstanding. The previous release erroneously stated that there were 12,112,210.362 Tower shares outstanding. Based on the calculations of the exchange agent for the transaction, American Stock Transfer & Trust Company:
- 10,881,200.414 of the shares, or 91 percent, elected to receive Susquehanna stock
- 245,763.164 of the shares, or 2 percent, elected to receive cash
- 881,888.784 of the shares, or 7 percent, did not make an election
Questions about individual allocation results should be directed to the shareholder services department at American Stock Transfer and Trust Company at 1-877-248-6417.Susquehanna Bancshares Inc. is a financial services holding company with assets of $17.5 billion. Its largest subsidiary is Susquehanna Bank, which provides commercial banking services to consumers and businesses through 261 branch offices in Pennsylvania, New Jersey, Maryland and West Virginia. Through Susquehanna Wealth Management, the holding company also offers investment, fiduciary, brokerage, insurance, retirement planning, and private banking services, with approximately $7.4 billion in assets under management and administration. Susquehanna also operates an insurance brokerage and employee benefits company, a commercial finance company and a vehicle leasing company. For more information, please visit www.susquehanna.net.