Fidelity D & D Bancorp, Inc. Announces Receipt of All Required Approvals for the Acquisition of Landmark Bancorp, Inc.
2021年6月18日 - 6:00AM
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) (“Fidelity”), the
parent bank holding company of The Fidelity Deposit and Discount
Bank (“Fidelity Bank”), a Pennsylvania state-chartered,
FDIC-insured community bank and trust company headquartered in
Dunmore, PA, announced today that the shareholders of Landmark
Bancorp, Inc. (“Landmark”) have overwhelmingly approved the
previously announced proposed acquisition of Landmark by a
subsidiary of Fidelity with over 77% of the issued and outstanding
shares of common stock of Landmark voting in favor of the proposed
transaction.
In addition, Fidelity announced the receipt of all required
regulatory approvals or waivers for Fidelity’s proposed acquisition
of Landmark and its wholly-owned subsidiary, Landmark Community
Bank. The Federal Deposit Insurance Corporation has approved the
Bank Merger Act application to merge Landmark Community Bank with
and into The Fidelity Deposit and Discount Bank (the “bank
merger”). The Pennsylvania Department of Banking and Securities has
approved the merger of Landmark with and into a subsidiary of
Fidelity and the bank merger. The Federal Reserve Bank of
Philadelphia has granted Fidelity a waiver in regard to its merger
application requirements.
The mergers of Landmark with and into a subsidiary of Fidelity
and Landmark Community Bank with and into Fidelity Bank are
expected to be completed on July 1, 2021, subject to the
satisfaction of customary closing conditions.
About Fidelity D & D Bancorp, Inc.
Fidelity D & D Bancorp, Inc. and its wholly owned
subsidiary, The Fidelity Deposit and Discount Bank have built a
strong history as trusted financial advisors to the clients served
by Fidelity Bank, which has built a strong history as a locally
owned and operated community bank. Serving the individuals,
families, and businesses for over 119 years within the Northeastern
and Lehigh Valley of Pennsylvania, there are 20 branch offices
along with Fidelity Bank Wealth Management offices in Schuylkill
County. A full-service, 24-hour, 7 day a week Customer Care Center
serves as a virtual branch, accepting and assisting those clients
who prefer to open accounts and transact business via telephone,
chat or online. Additionally, Fidelity Bank offers a full-service
Wealth Management Division, a Mortgage Center, and an array of
personal and business banking products and services.
Fidelity Bank has been recognized nationally for its sound
financial performance, and superior customer experience. It has
been identified as one of the Top 200 Community Banks in the
country by American Banker for seven years in a row, and Forbes
ranked it one of the Best In-State Banks in 2018 and 2019. Fidelity
Bank has been the #1 mortgage lender in the Lackawanna County
market for over 11 years. Fidelity Bank is passionate about success
and committed to building strong relationships through superior
service. Fidelity Bank's deposits are insured by the Federal
Deposit Insurance Corporation up to the full extent permitted by
law.
Caution Regarding Forward-Looking
Statements
Certain of the matters discussed in this press release
constitute forward-looking statements for purposes of the
Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended, and as such may involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Fidelity to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements. The words
“expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,”
and similar expressions are intended to identify such
forward-looking statements.
Fidelity’s actual results may differ materially from the results
anticipated in these forward-looking statements due to a variety of
factors, including, without limitation:
- the effects of economic conditions
particularly with regard to the negative impact of severe,
wide-ranging and continuing disruptions caused by the spread of
Coronavirus Disease 2019 (COVID-19) and responses thereto on
current customers and the operations of Fidelity, specifically the
effect of the economy on loan customers’ ability to repay
loans;
- acquisitions and integration of
acquired businesses including but not limited to the recent
acquisition of Landmark Bancorp, Inc. (“Landmark”);
- the costs and effects of litigation and
of unexpected or adverse outcomes in such litigation;
- the impact of new or changes in
existing laws and regulations, including the Tax Cuts and Jobs Act
and Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 and the regulations promulgated there under;
- impacts of the capital and liquidity
requirements of the Basel III standards and other regulatory
pronouncements, regulations and rules;
- governmental monetary and fiscal
policies, as well as legislative and regulatory changes;
- effects of short- and long-term federal
budget and tax negotiations and their effect on economic and
business conditions;
- the effect of changes in accounting
policies and practices, as may be adopted by the regulatory
agencies, as well as the Financial Accounting Standards Board and
other accounting standard setters;
- the risks of changes in interest rates
on the level and composition of deposits, loan demand, and the
values of loan collateral, securities and interest rate protection
agreements, as well as interest rate risks;
- the effects of competition from other
commercial banks, thrifts, mortgage banking firms, consumer finance
companies, credit unions, securities brokerage firms, insurance
companies, money market and other mutual funds and other financial
institutions operating in our market area and elsewhere, including
institutions operating locally, regionally, nationally and
internationally, together with such competitors offering banking
products and services by mail, telephone, computer and the
internet;
- technological changes;
- the interruption or breach in security
of our information systems and other technological risks and
attacks resulting in failures or disruptions in customer account
management, general ledger processing and loan or deposit updates
and potential impacts resulting therefrom including additional
costs, reputational damage, regulatory penalties, and financial
losses;
- the failure of assumptions underlying
the establishment of reserves for loan losses and estimations of
values of collateral and various financial assets and
liabilities;
- volatilities in the securities
markets;
- acts of war or terrorism;
- disruption of credit and equity
markets; and
- the risk that our analyses of these
risks and forces could be incorrect and/or that the strategies
developed to address them could be unsuccessful.
Fidelity cautions readers not to place undue reliance on
forward-looking statements, which reflect analyses only as of the
date of this release. Fidelity has no obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this release.
Contacts:
Daniel J. SantanielloPresident and Chief Executive
Officer570-504-8035 |
Salvatore R. DeFrancesco, Jr.Treasurer and Chief Financial
Officer570-504-8000 |
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