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First Perry Bancorp and HNB Bancorp consolidate to form new company

Riverview National Bank, the wholly owned subsidiary of Riverview Financial, was formed subsequently

First Perry Bancorp and HNB Bancorp have completed consolidation to form
Riverview Financial.

 

Subsequently, Riverview National Bank was formed through the consolidation of The First National Bank of Marysville and Halifax National Bank. As a result, Riverview National Bank is the wholly owned subsidiary of Riverview Financial.

 

However, the current branches The First National Bank of Marysville and Halifax National Bank will retain their names. As a result of the consolidation, Riverview National Bank has assets of approximately $228 million with eight branch offices in central Pennsylvania.

 

As part of the consolidation, Kirk Fox was made president of Riverview Financial Corporation. The board of directors of Riverview Financial Corporation consists of 13 members who formerly served on the boards of directors of First Perry Bancorp and HNB Bancorp.

 

Based on the terms of the consolidation, First Perry shareholders will receive 2.44 shares of Riverview common stock for each share of First Perry common stock they hold and HNB Bancorp shareholders will receive 2.52 shares of Riverview common stock for each share of HNB Bancorp common stock they hold.

 

Robert Garst, CEO of Riverview Financial Corporation, said: Completion of the consolidation of our two companies in Riverview Financial Corporation has positioned us to capitalise on our current assets and focus on long-term growth and profitability. Our customers will benefit from an expanded branch footprint, technological enhancements, a broader product base and a higher legal lending limit.