Business
Fidelity D & D Bancorp, Inc. Announces Completion of the Acquisition of Landmark Bancorp, Inc.
DUNMORE, Pa., July 01, 2021 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) (“Fidelity”), the parent bank holding company of The Fidelity
About this update from Fidelity D & D Bancorp, Inc.
[{"type":"text","content":"DUNMORE, Pa., July 01, 2021 (GLOBE NEWSWIRE) -- 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 the completion of the acquisition of Landmark Bancorp, Inc. (Pink Open Market: LDKB) (\"Landmark\") and its wholly-owned subsidiary, Landmark Community Bank effective July 1, 2021. Under the terms of the reorganization agreement, Landmark shareholders received 0.272 shares of Fidelity common stock and $3.26 in cash for each share of Landmark common stock that they owned as of the effective date. As a result, Fidelity issued approximately 650,813 shares of its common stock and $7.8 million in cash. In addition, pursuant to the reorganization agreement, Paul C. Woelkers was appointed as a Class C Director to Fidelity’s Board of Directors and as a director to Fidelity Bank’s Board of Directors. With the combination of the two organizations, Fidelity, on a consolidated basis, has approximately $2.3 billion in assets, $2.1 billion in deposits, and $1.4 billion in loans. Daniel J. Santaniello, President and Chief Executive Officer of Fidelity said, “We are thrilled to welcome Landmark Community Bank clients, bankers, and shareholders to the Fidelity family. The completion of this transaction unites two remarkable local community banks and allows us to deepen and strengthen our presence in our core market. The enhanced footprint will allow the combined bank to better serve the needs of our clients in the Luzerne County market and beyond. We are very excited to begin this new chapter in our history.” Bybel Rutledge LLP served as legal counsel, Commonwealth Advisors, Inc. served as financial advisor and Janney Montgomery Scott LLC provided a fairness opinion to Fidelity D & D Bancorp, Inc. Pillar Aught LLC served as legal counsel and PNC FIG Advisory, part of PNC Capital Markets, LLC served as financial advisor to Landmark Bancorp, Inc. 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...