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8-K - FORM 8-K - CCFNB BANCORP INC | w82152e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
|
Lance O. Diehl | Robert C. Snyder | ||
President and CEO | President and CEO | |||
CCFNB Bancorp, Inc. | Luzerne National Bank Corporation | |||
570-784-4400 | 570-288-4511 |
CCFNB BANCORP AND LUZERNE NATIONAL BANK CORPORATION ANNOUNCE
AGREEMENT FOR LUZERNE TO ACQUIRE HAZLETON BRANCH
AGREEMENT FOR LUZERNE TO ACQUIRE HAZLETON BRANCH
March 25, 2011 Bloomsburg, PA and Luzerne, PA CCFNB Bancorp, Inc. (CCFNB), parent company
of First Columbia Bank & Trust Co. (First Columbia), and Luzerne National Bank Corporation
(Luzerne National), parent company of Luzerne Bank, today jointly announced that they have
entered into an agreement providing for Luzerne Bank to acquire the Hazleton branch office of First
Columbia with approximately $17.1 million in deposits. Under the terms of the agreement, Luzerne
Bank will assume certain deposits associated with the branch office and acquire the branch facility
and equipment.
We are very pleased to have reached an agreement with First Columbia Bank and Trust to assume the
business of the Hazleton office. said Robert C. Snyder, President and Chief Executive Officer of
Luzerne National and Luzerne Bank. Luzerne Banks 104 year history testifies to the strength and
stability of our organization. Our goal is to offer our new Hazleton customers increased
convenience and sound financial products, while continuing to meet the high standards of excellence
and community involvement to which Luzerne Bank has always been committed.
Lance O. Diehl, President and Chief Executive Officer of CCFNB and First Columbia added: We are
pleased that the deposit relationships associated with the Hazleton branch, which was determined to
serve a market area falling outside of our strategic plan, will be assumed by a community bank like
Luzerne Bank, ensuring that our deposit customers will continue to receive the attention they
deserve.
The transaction is subject to a number of conditions, including the receipt of approval by
regulatory authorities. It is anticipated to close mid-2011.
About CCFNB Bancorp, Inc.
CCFNB Bancorp, Inc. is the parent company of First Columbia Bank & Trust Co., a full-service
community bank operating fourteen branch offices in Columbia, Luzerne and Northumberland Counties,
Pennsylvania. With total assets of approximately $614 million, CCFNBs common stock is quoted on
the Over-the-Counter Bulletin Board under the symbol CCFN.
About Luzerne National Bank Corporation
Luzerne National Bank Corporation is the parent company of Luzerne Bank, a full-service community
bank operating seven offices in Luzerne, Lackawanna and Wyoming Counties, Pennsylvania. With total
assets of approximately $280 million, Luzerne Nationals common stock is quoted on the
Over-the-Counter Bulletin Board under the symbol LUZR.
Safe Harbor for Forward-Looking Statements
This document may contain forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Actual results, performance and achievements could differ
materially from those set forth in such statements due to various risks, uncertainties and other
factors. Such risks, uncertainties and other factors that could cause actual results and
experience to differ from those projected include, but are not limited to, the following:
ineffectiveness of the companys business strategy due to changes in current or future market
conditions; the effects of competition, and of changes in laws and regulations, including
industry consolidation and development of competing financial products and services; interest rate
movements; changes in credit quality; volatilities in the securities markets; and deteriorating
economic conditions, and other risks and uncertainties, including those detailed in filings by
CCFNB Bancorp, Inc. with the Securities and Exchange Commission.
Although forward-looking statements help provide additional information about CCFNB Bancorp, Inc.,
investors should keep in mind that forward-looking statements are only predictions, at a point in
time, and are inherently less reliable than historical information. You are urged not to place
undue reliance on these forward-looking statements, which speak only as of the date of this
document. CCFNB Bancorp, Inc. assumes no obligation to update any forward-looking statement in
order to reflect any event or circumstance that may arise after the date of this document, other
than as may be required by applicable law or regulation.
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