Attached files
| file | filename |
|---|---|
| 8-K - CITIZENS & NORTHERN CORP | v167668_8k.htm |
| EX-1.1 - CITIZENS & NORTHERN CORP | v167668_ex1-1.htm |
| EX-5.1 - CITIZENS & NORTHERN CORP | v167668_ex5-1.htm |
| EX-99.2 - CITIZENS & NORTHERN CORP | v167668_ex99-2.htm |
Exhibit 99.1
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Contact: Yvonne
Gill
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November 25,
2009
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570-724-0247
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yvonneg@cnbankpa.com
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CITIZENS & NORTHERN CORPORATION
ANNOUNCES PRICING OF PUBLIC OFFERING
FOR IMMEDIATE
RELEASE:
Wellsboro, PA
– Citizens & Northern
Corporation (the “Company”) (NASDAQ: CZNC) announced today that it has priced a
public offering of 2,500,000 million shares of common stock at $8.00 per share
for gross proceeds of approximately $20 million. The Company expects to
close the sale of the shares of common stock on or about December 1, 2009, subject to customary closing
conditions. Sandler O’Neill + Partners, L.P. is acting as the sole
book-running manager and Boenning & Scattergood, Inc. is acting as
co-manager for the offering. The underwriters will have a 30-day option to
purchase up to an additional 375,000 shares of common stock from the Company at
the offering price to cover over-allotments, if any.
“Raising this capital enhances our
already well-capitalized financial position,” said Craig G. Litchfield, Chairman,
President and Chief Executive Officer. “I believe raising the
additional capital allows us to move forward from a position of strength, and is
in the best interests of our shareholders, customers, communities and
employees.”
Additional Information Regarding the
Offering
Citizens & Northern has filed a
registration statement (including a prospectus and prospectus supplement) with
the SEC for the offering to which this communication
relates. Prospective investors should read the prospectus in that
registration statement, the prospectus supplement and other documents that the
Company has filed with the SEC for more complete information about the Company
and the offering. Investors may obtain these documents without charge
by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
copies of the prospectus supplement and the prospectus related to the offering
may be obtained from Sandler O’Neill + Partners, L.P., 919 Third Avenue,
6th Floor, New York, NY 10022, (800)
635-6859, or from Eugene Bodo, Boenning & Scattergood, Inc., Four Tower
Bridge, 200 Barr Harbor Drive, Suite 300, West Conshohocken, PA 19428, at (800)
883-1212 or (610) 862-5368.
This release does not constitute an
offer to sell or a solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction.
About Citizens & Northern
Corporation
With approximately $1.3 billion in
assets, Citizens & Northern Corporation is the parent company of Citizens
& Northern Bank and First State Bank. Citizens & Northern
Bank is a local, independent community bank providing complete financial,
investment and insurance services through 24 full service offices located
throughout Tioga, Bradford, Sullivan, Lycoming, Potter, Cameron and McKean
counties in Pennsylvania. First State Bank provides banking services
through its offices in Canisteo and South Hornell, NY. The Company and Citizens
& Northern Bank can be found on the worldwide web at www.cnbankpa.com. First
State Bank can be found on the web at www.fsbcanisteo.com. The Company’s common
stock is listed on the NASDAQ Capital Market under the symbol
CZNC.
Safe Harbor
Statement: Except for
historical information contained herein, the matters discussed in this release
are forward-looking statements. Investors are cautioned that all
forward-looking statements involve risks and uncertainty, including without
limitation, the following: changes in monetary and fiscal policies of the
Federal Reserve Board and the U.S. Government, particularly related to changes
in interest rates; changes in general economic conditions; legislative or
regulatory changes; downturn in demand for loan, deposit and other financial
services in the Corporation’s market area; increased competition from other
banks and non-bank providers of financial services; technological changes and
increased technology-related costs; changes in management’s assessment of
realization of securities and other assets; and changes in accounting
principles, or the application of generally accepted accounting
principles. Citizens & Northern disclaims any intention or
obligation to publicly update or revise any forward-looking statements, whether
as a result of events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.