TWO popular banks, one of which is over a century old, have come to an agreement and are eyeing a merger.
When the two financial institutions join forces in the coming months, customers will see a greater number of banking options.
Two major banking corporations are looking to merge[/caption]
Customers will see expanded banking options once the merger is completed in the coming months[/caption]
The two regional banking corporations announced on Tuesday that they will be merging into one, creating a single entity with a combined worth of approximately $3 billion.
Norwood Financial and PB Bankshares revealed that both companies’ boards of directors unanimously approved a merger plan under which the latter banking network will merge with and into Norwood.
Norwood Financial, the bank holding company for Wayne Bank, is based in Honesdale, Pennsylvania, while PB Bankshares is the holding company for Presence Bank and is based in Coatesville, Pennsylvania.
Wayne Bank operates 30 banking offices across Pennsylvania and New York, with its bank holding company having consolidated assets of $2.4 billion as of the end of March.
Presence Bank operates four banking offices, one loan production office, and one administration office in Central and Southeastern Pennsylvania.
Presence had assets of $467 million as of the end of March, meaning that when the companies merge, the combined company will have roughly $3 billion in assets.
More on Norwood Financial and Presence
Norwood Financial:
- Bank holding company for Wayne Bank
- Operates 16 banking offices in Northeastern Pennsylvania and 14 in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York
- Norwood Financial had consolidated assets of $2.4 billion as of March 31, 2025
Presence:
- Bank holding company for Presence Bank
- Operates four banking offices, one loan production office, and one administration office in Central and Southeastern Pennsylvania
- Presence had assets of $467 million as of March 31, 2025
ONE BANKING GIANT
The entity will be a “premier Pennsylvania community bank operating in Northeastern, Central, and Southeastern Pennsylvania,” according to Norwood Financial.
The strategic merger will help to substantially grow Norwood Financial’s geographic footprint into higher growth markets in Central and Southeastern Pennsylvania, per the company.
The merger will simultaneously enhance Presence Bank’s ability to provide top notch service and solutions to its existing customers in the markets it serves.
“I am very pleased to announce our merger with Presence Bank, a nearly 106-year-old institution which shares the same values, culture, and commitment to high quality customer service found at Wayne Bank,” said James O. Donnelly, CEO of Norwood Financial.
“Presence is a growing and respected institution located within the most demographically attractive markets in Pennsylvania.
“Joining these institutions provides Wayne Bank with the opportunity to deepen Presence Bank’s relationships with its customers, given our broader product mix and larger balance sheet.
“We look forward to working with Janak and his team to improve the financial lives of the businesses and individuals operating in Presence Bank’s communities.”
Janak Amin, CEO of Presence, shared that his company was “equally excited” about the strategic partnership and that it would provide Presence’s customers and communities with expanded access to more products and services.
I am very pleased to announce our merger with Presence Bank, a nearly 106-year-old institution which shares the same values, culture, and commitment to high quality customer service found at Wayne Bank.”
James O. Donnelly
“This will result in an enhanced customer experience for our commercial base and the opportunity to augment the retail portion of our business with their product set and consumer verticals,” he said.
Norwood Financial shared that the merger is subject to customary closing conditions, including customary regulatory approvals.
The companies expect the transition to be completed in late 2025 or early 2026.
Under the merger’s agreement conditions, 80% of Presence’s common shares will be converted into Norwood Financial common stock, while the remaining 20% will be exchanged for cash.
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