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First Citzens acquires new office
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FOR THE REVIEW
On Nov. 17, 2008, the Mansfield office of Elmira Savings Bank will become part of First Citizens National Bank, headquartered in Mansfield, Pa. (subject to regulatory approval). This acquisition will enhance First Citizens presence in Tioga County adding approximately $18 million in deposits to their balance sheet and increasing market share to over 40.0 percent.
“Our profitable growth over the last 75 years is confirmation that consumers find value in our abilities as a financial services provider,” stated Randall E. Black, CEO and president. “We’re pleased to welcome their customers and their employees, and look forward to a long and prosperous relationship with them.”
The addition of the Elmira Savings Bank branch raises the number of offices operated by First Citizens National Bank to 17. Since the year 2000, the bank has increased their presence in Bradford County through the acquisition of offices of Sovereign Bank and Legacy Bank. In addition, they extended into New York State with the opening of their Wellsville Office in 2005. The bank currently operates 16 offices throughout Tioga, Bradford and Potter counties as well as an office in Wellsville, N.Y.
Consumers may question how First Citizens is able to expand while the U.S. economy continues to struggle. Their CEO and president explains. “We had a record year of performance in 2007, despite the unstable economic environment and we continue to achieve strong financial performance in 2008. In addition, we continuously adhere to the fundamentals of safety and soundness, sound underwriting standards and due diligence which has greatly limited the impact of risky loans on our organization. Our capital remains strong and our financial performance solid. These positive conditions allow us to grow through acquisitions as well as through increased consumer and business lending.”
Customers of the Mansfield office of Elmira Savings Bank will receive a communication from First Citizens during the week of Oct. 14, 2008, providing information on product and service features, office locations and hours, funds availability schedules and a list of frequently asked questions and answers. The communication will also cover issues related to the conversion weekend which is scheduled to begin after the office closes at 6 p.m. on Friday, Nov. 14, 2008.
More information about First Citizens is available at firstcitizensbank.com.
On Nov. 17, 2008, the Mansfield office of Elmira Savings Bank will become part of First Citizens National Bank, headquartered in Mansfield, Pa. (subject to regulatory approval). This acquisition will enhance First Citizens presence in Tioga County adding approximately $18 million in deposits to their balance sheet and increasing market share to over 40.0 percent.
“Our profitable growth over the last 75 years is confirmation that consumers find value in our abilities as a financial services provider,” stated Randall E. Black, CEO and president. “We’re pleased to welcome their customers and their employees, and look forward to a long and prosperous relationship with them.”
The addition of the Elmira Savings Bank branch raises the number of offices operated by First Citizens National Bank to 17. Since the year 2000, the bank has increased their presence in Bradford County through the acquisition of offices of Sovereign Bank and Legacy Bank. In addition, they extended into New York State with the opening of their Wellsville Office in 2005. The bank currently operates 16 offices throughout Tioga, Bradford and Potter counties as well as an office in Wellsville, N.Y.
Consumers may question how First Citizens is able to expand while the U.S. economy continues to struggle. Their CEO and president explains. “We had a record year of performance in 2007, despite the unstable economic environment and we continue to achieve strong financial performance in 2008. In addition, we continuously adhere to the fundamentals of safety and soundness, sound underwriting standards and due diligence which has greatly limited the impact of risky loans on our organization. Our capital remains strong and our financial performance solid. These positive conditions allow us to grow through acquisitions as well as through increased consumer and business lending.”
Customers of the Mansfield office of Elmira Savings Bank will receive a communication from First Citizens during the week of Oct. 14, 2008, providing information on product and service features, office locations and hours, funds availability schedules and a list of frequently asked questions and answers. The communication will also cover issues related to the conversion weekend which is scheduled to begin after the office closes at 6 p.m. on Friday, Nov. 14, 2008.
More information about First Citizens is available at firstcitizensbank.com.
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