The mergerof Middletown, Md.-based MiddletownValley Bank and Woodsboro, Md.-based Woodsboro Bank received regulatory approvals from the Stateof Maryland and the FDIC.
Pending shareholder approval, the two banks will unite to forma new entity, which will be known as First Heritage Community Bank. Shares of thetwo banks will be exchanged for shares in the new entity.
The merger of equalsis expected to close in the fourth quarter. Since there is no overlap in branchlocations, there will be no branch closures due to the transaction, Woodsboro BankPresident and CEO C. Richard Miller Jr. noted in a news release recently obtainedby S&P Global Market Intelligence.
As previously reported, Miller will become CEO of the combinedorganization for two years following the closing of the merger. Robert Goetz Jr.,president and CEO of Middletown Valley Bank, will become president of the combinedentity upon the closing of the transaction, and will succeed Miller as CEO aftertwo years.
The board of the combined organization will comprise six membersfrom each bank, according to the news release.