The financial landscape in Pennsylvania, New York, and New Jersey is witnessing a significant shift as Fncb Bank has officially merged with Peoples Security Bank and Trust Company, a subsidiary of Peoples Financial Services Corp. This strategic union, finalized on July 1, 2024, marks the birth of a robust community bank boasting approximately $5.6 billion in assets. The announcement, made by Peoples Financial Services Corp. (Nasdaq: PFIS), signals a new era of expanded services and opportunities for customers and employees alike.
According to Craig Best, Chief Executive Officer and Director of Peoples and Peoples Bank, “The completion of this merger unites two dynamic institutions to create a leading, $5.6 billion community bank with operations in Pennsylvania, New York and New Jersey.” He emphasized the merger’s potential to “benefit our customers and the communities we serve, create new opportunities for our employees and drive long-term growth and shareholder value.” This statement underscores the core objective of the merger: to build a stronger, more capable financial institution that prioritizes its stakeholders.
Jerry Champi, President of Peoples and Peoples Bank, echoed this sentiment, stating, “FNCB Bank’s merger with Peoples Bank marks a significant milestone in our journey.” He highlighted the shared values of both banks, noting that “This union brings together two institutions with deep roots in community banking.” For customers of FNCB Bank, the merger promises “expanded products and services delivered by the familiar faces they have come to know and trust.” This focus on continuity and enhanced offerings aims to ensure a seamless transition and improved banking experience for existing clients.
Expanded Reach and Enhanced Services Following FNCB Bank Merger
The newly combined organization is projected to manage approximately $5.5 billion in assets, encompassing around $4.0 billion in loans and $4.7 billion in deposits. This substantial financial foundation will support an extensive network of branches operating across Pennsylvania, New York, and New Jersey. Importantly, all branches from both FNCB Bank and Peoples Bank will eventually operate under the unified Peoples banner. This rebranding signifies the complete integration of operations and a cohesive brand identity moving forward. The combined entity will continue to be publicly traded under Peoples’ ticker symbol (PFIS) on the Nasdaq Global Select Stock Market, ensuring continuity for investors.
About Peoples Financial Services Corp.
Peoples Financial Services Corp., the parent company of Peoples Security Bank and Trust Company, is deeply rooted in community banking. With a pre-merger network of 44 full-service community banking offices, Peoples has been serving retail and commercial customers across multiple counties in Pennsylvania, as well as Middlesex County in New Jersey and Broome County in New York. Their commitment to offering a wide range of financial products and services to individuals, businesses, and non-profit organizations aligns perfectly with the customer-centric approach of FNCB Bank. Peoples prides itself on providing “direct access to senior management” and delivering “friendly, informed and courteous service, local and timely,” a philosophy that will be carried forward in the merged entity, ensuring former FNCB Bank customers continue to receive personalized and responsive banking services.
Forward-Looking Statements and the Future of the Combined Bank
It’s important to acknowledge that the announcement, like many corporate communications of this nature, includes forward-looking statements. These statements, while based on current beliefs and expectations, are subject to various risks and uncertainties. Factors such as the successful integration of FNCB Bank, economic conditions, and competitive pressures could influence the actual outcomes of the merger. However, the initial outlook is positive, with both leadership teams expressing confidence in the strategic benefits and long-term value creation expected from this union. The merger of FNCB Bank and Peoples Bank represents a significant development in the regional banking sector, promising enhanced services and a stronger community banking presence across the Northeast.
