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October 23, 2015

Corporate and Securities Team Advises Conestoga Bancorp in $105 Million Merger with Beneficial Bancorp, Inc.

A team from the Corporate and Securities Practice Group advised Conestoga Bancorp in a $105 million deal that was signed on October 22, 2015. The team was led by Bob Juelke, Eric Marr and Matt Havey, with assistance from Steve Burdumy, Steve Hamilton, Glenn Ferencz, Brian DeVirgilio and Robert Jensen. 

Under the stock purchase agreement, Beneficial Bancorp, Inc. will acquire Conestoga Bancorp's ownership interest in Conestoga Bank, and Conestoga Bank will subsequently be merged into Beneficial Bank.  The transaction should close sometime in the first half of 2016, subject to regulatory approvals.

Conestoga Bank is a Philadelphia-region managed institution dedicated to providing high quality community banking and commercial lending services with locations in Philadelphia, Delaware, Montgomery, Bucks, Chester and Lehigh Counties.

More information can be found in the press release about the merger as well as in the Philadelphia Business Journal and The Philadelphia Inquirer.

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