Somerset Trust Holding Company, Somerset Trust Company and First Bank of Lilly Announce Agreement to Merge
Published on February 08, 2019
Somerset Trust Holding Company and Somerset Trust Company, each headquartered in Somerset, PA, and First Bank of Lilly, headquartered in Lilly, PA are jointly pleased to announce the signing of a definitive merger agreement, which calls for Somerset Trust Holding Company to acquire the stock of First Bank of Lilly in a transaction that will result in the merger of First Bank of Lilly into Somerset Trust Company with Somerset Trust Company as the surviving banking entity. The aggregate purchase price will be $3.4 million, approximately equal to Lilly’s book value. Lilly’s shareholders residing in Pennsylvania, who own about 90 percent of its outstanding shares, will receive shares of Somerset Trust Holding Company. Lilly shareholders residing outside Pennsylvania will receive cash of equal value. The merger agreement was approved by both banks’ boards of directors and is expected to close in the third quarter of 2019, subject to regulatory and shareholder approval.
Somerset Trust Company CEO and Chairman G. Henry Cook, the fifth generation of his family to lead the bank stated, "We are excited to be expanding our footprint in Cambria County. We are impressed with the long-standing history and spirit of community commitment that First Bank of Lilly has established over its 113 years of business. We look forward to upholding this commitment to the community and preserving the tradition of local banking. We will be welcoming all the staff at First Bank of Lilly to our team and we know they will be an excellent addition to the Somerset Trust Company family."
James P. Leahey, President and CEO of First Bank of Lilly, and the fourth generation of his family to lead the Bank, said: "We’re pleased to be joining Somerset Trust Company, a bank we know and admire. We believe all of our constituencies – our community, our customers, our employees, and our stockholders - will benefit from this transaction." First Bank of Lilly, formerly The First National Bank of Lilly, has operated at its original, current location since 1906.
Somerset Trust Company is a full-service community bank with assets over $1.2 billion. Somerset Trust Company has been an independent, locally owned and managed institution since its establishment in 1889. It operates 35 offices, an extensive ATM network spanning six counties in Pennsylvania and Garrett County, Maryland and boasts an award-winning internet and mobile banking platform. With a team of over 400 employees, Somerset Trust Company is committed to understanding their customers, communities and one another in order to not only meet their customers’ banking needs, but to exceed their expectations every day.
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This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement.
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