Olsen Palmer is pleased to announce that Bangor, Pennsylvania-based MNB Corporation (OTCPink: MNBC, “MNB”), parent company of Merchants Bank of Bangor (“Merchants Bank”), has been acquired by Dunmore, Pennsylvania-based Fidelity D&D Bancorp, Inc. (NASDAQ: FDBC, “Fidelity”), parent company of Fidelity Deposit and Discount Bank (“Fidelity Bank”).
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to MNB Corporation, parent of Merchants Bank.
MNB shareholders received as consideration 1.039 shares of Fidelity common stock for each share of MNB stock owned as of the closing date. Based on Fidelity’s closing price at announcement, the transaction consideration represented a total value of $78.7 million, equivalent to 2.0x MNB’s tangible book value at the time.
Two representatives from Merchants Bank will be joining the board of directors for Fidelity and Fidelity Bank, respectively. Fidelity Bank operates 21 retail community banking offices in Northeastern and Eastern Pennsylvania.