Hamilton Bank to be sold to Pennsylvania bank for $58.5M

The combined company is expected to have about $2.5 billion in assets, $1.7 billion in loans and $2.1 billion in deposits.

The agreement has been unanimously approved by the boards of directors of Orrstown and Hamilton, the banks said in a news release. The completion of the transaction is subject to Hamilton’s stockholder approval and customary regulatory approvals. All Hamilton directors, who own shares of Hamilton’s outstanding common stock, have entered into voting agreements to vote their shares in favor of the transaction.

The transaction is expected to close in the second quarter of 2019. Following the closing, one of Hamilton’s current directors will be added to the boards of directors of Orrstown and Orrstown Bank. In addition, Ellen R. Fish, executive vice president of Hamilton, will join Orrstown as executive vice president and senior lender for the Greater Baltimore region.

“We are thrilled to welcome Hamilton Bank to the Orrstown family,” said Thomas R. Quinn, Jr., president and CEO of Orrstown. “By joining Hamilton and Orrstown together, our institutions, shareholders, and customers will benefit greatly from our expanded footprint, enhanced products and services, and robust technology offerings. As Orrstown marks its 100th anniversary in 2019, we will continue to remain true to our community banking roots in all of the markets we serve.”

Bob DeAlmeida, president and CEO of Hamilton, added, “I am proud of the Hamilton team and the many years of service to our customers. We built and grew a great bank. Today, I am excited to announce the partnership with Orrstown that will allow us to better serve our customers through expanded products and services. This merger will result in a stronger competitive bank in the Baltimore area which is focused on providing a great customer experience.”

Founded in 1915, Hamilton Bank is a community bank with $525.3 million in assets and $54.9 million in shareholders’ equity. The bank has 72 full-time equivalent employees and operates seven branch locations across Greater Baltimore, serving the communities of Cockeysville, Pasadena, Rosedale, Towson, Ellicott City, and Baltimore.

Orrstown Financial Services, Inc. and its wholly-owned subsidiaries, Orrstown Bank and Wheatland Advisors, Inc., have banking and financial advisory offices in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York counties in Pennsylvania and in Washington County in Maryland.