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Minotola National Bank Merges with Susquehanna Bancshares

Minotola’s estimated worth is over $600 million.Susquehanna Bancshares (Nasdaq: SUSQ) has acquired Vineland’s Minotola National Bank, the company announced today.

As part of the merger, Minotola”s 14 branches in southern New Jersey are now part of Susquehanna Patriot Bank, the Marlton-based affiliate of Susquehanna. With Minotola’s assets of more than $600 million, Susquehanna Patriot Bank now has total assets of approximately $2.7 billion.

“The combination of these banks provides valuable opportunities both for our company and our customers,” said William J. Reuter, chairman and CEO of Susquehanna Bancshares. “We were able to expand our market area in high-growth areas of southern New Jersey by acquiring a bank with a strong history of excellent customer service and support of local businesses.”

The merger transaction was valued at approximately $165 million and was preceded by state and federal regulatory approvals and Minotola National Bank shareholder approval.

Susquehanna is a financial services holding company with assets worth approximately $8 billion, counting the recent acquisition of Minotola. The bank’s shares slipped by 8 cents to $24.09 during morning trading.
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