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Pennsylvania bank buys Madison Square

Codorus Valley Bancorp Inc., of York, Pa., which owns Pennsylvania’s PeoplesBank, announced it will acquire Baltimore’s Madison Bancorp Inc., parent of Madison Square Federal Savings Bank. Codorus Valley will buy Madison in an all-cash transaction valued at approximately $14.4 million, or $22.90 per share. The transaction was approved by the boards of directors of both companies Wednesday. Madison Square, which has four branches in Baltimore city and Harford and Baltimore counties, has $140 million in assets and $130 million in deposits. The parties expect the transaction to be completed in the fourth quarter of 2014/first quarter of 2015.

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