Susquehanna Bancshares completes Tower buy

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Tuesday

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February 20. 2012 8:00AM - Last modified: February 20. 2012 8:18AM

By Tim Stuhldreher

Susquehanna Bancshares Inc., the parent company of Susquehanna Bank, this weekend completed its acquisition of Tower Bancorp Inc. as scheduled, according to a company statement.

Lititz-based Susquehanna absorbed Harrisburg-based Tower in a cash and stock transaction valued at $343 million. The deal, announced in June, officially closed late Friday.

Following back-office conversion this weekend, Tower's three bank brands — Tower, Graystone and 1N — are set to open Tuesday as Susquehanna branches.

Graystone Wealth Management, headquartered in Chester County since Tower's December 2010 acquisition of First Chester County Corp., will be absorbed into Susquehanna Wealth Management.

With the addition of Tower, Susquehanna has $17.5 billion in assets and 261 branches in Maryland, New Jersey, Pennsylvania and West Virginia. It has top-three market share in 14 counties.

Susquehanna's shares trade on the Nasdaq under the ticker symbol SUSQ.