First Citizens Community Bank purchased certain loans and other assets, and assumed the deposits and certain other liabilities, of the S&T Bank branch located at 141 West Beaver Ave., State College, Pa., effective Dec. 8, according to a regulatory filing.
Mansfield, Pa.-based First Citizens Community Bank, a subsidiary of Citizens Financial Services Inc., had $1.27 billion in assets as of Sept. 30, SNL data shows. Indiana, Pa.-based S&T Bank, a unit of S&T Bancorp Inc., had $7.15 billion in assets as of the same date.
It was also disclosed in the filing that effective upon the closing of the branch deal, David Richards Jr. became a director of Citizens Financial Services and First Citizens Community Bank, with a term expiring in 2018. It was previously reported that Richards was the executive vice president who had opened the branch for S&T.
On Dec. 9, First Citizens Community Bank and Citizens Financial Services entered into a change in control agreement with Richards, executive vice president.
