Tower Bancorp, Inc. Announces Quarterly Dividend
24 Enero 2012 - 2:09PM
Tower Bancorp, Inc. (Nasdaq:TOBC) ("Tower") announced today that
its Board of Directors has declared a quarterly cash dividend of
$0.28 per share of common stock to shareholders of record on
February 1, 2012, payable on February 15, 2012.
On June 20, 2011, Tower announced the signing of a definitive
agreement with Susquehanna Bancshares, Inc. ("Susquehanna")
pursuant to which Tower will be acquired in a stock and cash
transaction valued at approximately $343.0 million at the time of
announcement. Under the terms of the merger agreement, Tower's
shareholders will have the option of receiving either 3.4696 shares
of Susquehanna common stock or $28.00 in cash for each share of
Tower common stock, with $88.0 million of the total consideration
being paid in cash. The transaction, which has received the
requisite approval from each company's shareholders, as well as the
Federal Reserve Bank of Philadelphia and the Pennsylvania
Department of Banking, is expected to be completed on February 17,
2012, resulting in a network of more than 250 branches and 275 ATMs
throughout the mid-Atlantic region.
Andrew Samuel, chairman and CEO of Tower, stated, "We are very
pleased to announce this dividend to our shareholders, whose
support has been critical to our organization's growth and
success." Mr. Samuel continued, "We continue to be
excited about the upcoming merger with Susquehanna, which we
believe will provide strength, size, and stability that will
benefit all of our constituencies."
About Tower Bancorp, Inc.
Tower Bancorp, Inc. is the parent company of Graystone Tower
Bank, a full-service community bank operating 49 branch offices in
central and southeastern Pennsylvania and Maryland through three
divisions, Graystone Bank, Tower Bank, and 1N Bank.
Headquartered in Harrisburg, Pa., Tower has total assets of
approximately $2.5 billion.
The Tower Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7686
Safe Harbor for Forward-Looking Statements
This document contains "forward-looking" statements as defined
in the Private Securities Litigation Reform Act of 1995, which are
based on Tower's current expectations, estimates and projections
about future events. This includes statements regarding the future
performance of Susquehanna, the timing of the merger transaction,
the business plans and integration efforts once the transaction is
complete, and the impact of the transaction and Susquehanna's
acquisition of Abington Bancorp, Inc., on Susquehanna's earnings,
market share and capital position. These statements are not
historical facts or guarantees of future performance, events or
results. Such statements involve potential risks and uncertainties,
such as whether conditions to closing set forth in the merger
agreement will be met, Susquehanna's ability to integrate Tower as
planned and the general effects of financial, economic, regulatory
and political conditions affecting the banking and financial
services industries. Accordingly, actual results may differ
materially. Tower undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. For additional factors
that may affect future results, please see filings made by
Susquehanna and Tower with the Securities and Exchange Commission
("SEC"), including their Annual Reports on Form 10-K for the year
ended December 31, 2010, and Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2011, June 30, 2011 and September 30,
2011.
CONTACT: Media Contact:
Andrew Samuel
717.724.2800
Investor Relations Contact:
Brent Smith
717.724.4666
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