WELLSBORO — Citizens & Northern Corporation, headquartered in Wellsboro, and Covenant Financial Inc., headquartered in Doylestown, announced the completion of their merger as of Wednesday.

The parties previously announced the execution of an agreement and plan of merger on Dec. 18. Under the agreement, Covenant merged with and into C&N and Covenant’s bank subsidiary, Covenant Bank, merged into C&N’s bank subsidiary, Citizens & Northern Bank.

Citizens & Northern Bank now operates 29 banking offices located in Bradford, Bucks, Cameron, Chester, Lycoming, McKean, Potter, Sullivan and Tioga counties in Pennsylvania and Steuben County in New York as well as loan production offices in Elmira, N.Y., and Warminster and York. With the addition of Covenant, C&N is projected to have assets of approximately $2.3 billion.

Upon completion of the acquisition of Covenant, the former Covenant shareholders became entitled to receive either (i) $16.50 in cash without interest or (ii) 0.6212 shares of C&N common stock, together with cash in lieu of fractional shares of C&N common stock, for each outstanding share of Covenant common stock. Based on the $20.65 per share closing price of C&N common stock on Tuesday, the total transaction value for the Covenant transaction was approximately $63.9 million (including options).

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