Susquehanna Bancshares to Expand Pennsylvania Presence with Acquisition of Tower Bancorp

Susquehanna Bancshares, Inc. (Susquehanna) SUSQ and Tower Bancorp, Inc. (Tower) TOBC announced the signing of a definitive agreement under which Susquehanna will acquire all outstanding shares of Tower common stock in a stock and cash transaction. The transaction, unanimously approved by the boards of directors of both companies, will enhance Susquehanna's already strong presence in central and southeastern Pennsylvania, and will significantly increase its market share in the attractive Pennsylvania counties of Chester, Dauphin and Franklin. Additionally, the merger will give Susquehanna branch presence in the Pennsylvania counties of Lebanon, Fulton and Centre (State College, Pa.). Including Susquehanna's pending acquisition of Abington Bancorp, the combined company will have approximately $17.8 billion in assets and will be the largest bank in deposit market share and branch count among independent banks that have more than 90% of their deposits in Pennsylvania, Maryland and New Jersey. Susquehanna will be the largest community bank in Pennsylvania after the mergers of Tower and Abington are closed. The combined company will also secure Susquehanna a top three market-share position in 14 of the counties it serves.