The Financial Services team advised in two strategic transactions announced this past week: Maine Community Bank and Gorham Savings Bank, and Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc.
Maine Community Bank
Maine Community Bank and Gorham Savings Bank are merging under the Maine Community Bank name to create the second largest mutual bank in Maine, with nearly $2.7 billion in assets.
Maine Community Bank began as a collaboration between two of the state’s longest-standing community banks, Biddeford Savings and Mechanics Savings, and has a rich heritage dating back to 1867.
Since its founding in 1868, Gorham Savings Bank has delivered financial solutions tailored to the needs of Southern Maine’s businesses and consumers—including complete commercial and consumer banking products and services, as well as investment planning and wealth management.
The Goodwin team advising Maine Community Bank was led by Samantha Kirby and included Bill McCurdy, Eva Xu, Maddie Fuller, Crescent Chasteen and Zoe Li. For more details on the transaction, read the press release.
Orrstown Financial Services, Inc.
Orrstown and Codorus Valley announced that they have entered into a definitive agreement pursuant to which Codorus Valley will merge with and into Orrstown in an all-stock transaction valued at approximately $207.0 million. The transaction is expected to create a premier Pennsylvania and Maryland community bank with approximately $5.2 billion in assets and a market capitalization of approximately $460 million.
Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland.
Codorus Valley Bancorp, Inc. is the largest independent financial services holding company headquartered in York, Pennsylvania.
The Goodwin team advising Orrstown was led by Samantha Kirby and included Bill McCurdy, Eva Xu, Maddie Fuller, Sarah Bock, Adrean Williams, Rahat Tariq and Morgan Frisoli. For more details on the transaction, read the press release.