5 unchanged sentences
Bucktail reinsures credit and mortgage life and accident and health insurance on behalf of C&N Bank.
−Removed: The Corporation’s acquisition of Covenant Financial, Inc.
−Removed: (“Covenant”) was completed July 1, 2020.
−Removed: Covenant was the parent company of Covenant Bank, a commercial bank which operated a community bank office in Bucks County, Pennsylvania and another in Chester County, Pennsylvania.
−Removed: Pursuant to the transaction, Covenant merged with and into the Corporation and Covenant Bank merged with and into C&N Bank.
−Removed: Total purchase consideration was $63.3 million, including common stock with a fair value of $41.6 million and cash of $21.7 million.
−Removed: Holders of Covenant common stock prior to the consummation of the merger held approximately 12.9% of the Corporation’s common stock outstanding immediately following the merger.
Over the past few years, the Corporation has been employing a growth strategy.
−Removed: Presently, a majority of C&N Bank’s operations are conducted in its legacy markets in the northern tier/north central region of Pennsylvania and southern tier of New York.
−Removed: In 2020, with the acquisition of Covenant, the Bank expanded its presence in Southeastern Pennsylvania.
−Removed: The Covenant acquisition follows the acquisition of Monument Bancorp, Inc.
−Removed: (“Monument”) in 2019, as well as the opening of a lending office in York, Pennsylvania which is located in southcentral Pennsylvania.
+Added: While a majority of the Corporation’s operations are conducted in its legacy markets in the Northern tier/Northcentral region of Pennsylvania and Southern tier of New York, the Corporation has expanded into Southeastern Pennsylvania by acquisitions and Southcentral Pennsylvania by opening new branches.
+Added: The Corporation acquired Covenant Financial, Inc.
+Added: (“Covenant”), effective July 1, 2020.
+Added: Covenant was the parent company of Covenant Bank, a commercial bank which operated a community bank office in Bucks County, Pennsylvania and another in Chester County, Pennsylvania.
+Added: The Covenant acquisition followed the 2019 acquisition of Monument Bancorp, Inc.
+Added: (“Monument”), a commercial bank with offices in Bucks County.
+Added: In Southcentral Pennsylvania, in 2021, the Corporation converted the lending office in York, Pennsylvania to a full-service branch and established a new branch in Lancaster, Pennsylvania.
Mainly as a result of the acquisitions, the Corporation’s consolidated total assets at December 31, 2021 of $2.3 billion were up 80% from the corresponding total at December 31, 2018.
3 unchanged sentences
The Bank has expanded its presence over the past several decades through a series of mergers as well as by opening new branch and lending offices and providing access to banking services via the internet and through ATMs.
−Removed: At December 31, 2020, the Bank had 29 branch offices, including 23 in the northern tier/north central region of Pennsylvania, 4 in Southeastern Pennsylvania (3 in Bucks County and 1 in Chester County) and 2 in the southern tier of New York State.
−Removed: In addition to its branch locations, the Bank had lending offices in York, Pennsylvania and Elmira, New York.
+Added: At December 31, 2021, the Bank had 31 branch offices, including 23 in the Northern tier/Northcentral region of Pennsylvania, 2 in the Southern tier of New York State, 4 in Southeastern Pennsylvania (3 in Bucks County and 1 in Chester County) and 2 in Southcentral Pennsylvania (York and Lancaster).
+Added: In addition to its branch locations, the Bank has a lending office in Elmira, New York.
C&N Bank provides an extensive range of banking services, including deposit and loan products for personal and commercial customers.
17 unchanged sentences
The Corporation is under the direct supervision of the Federal Reserve and must comply with the reporting requirements of the Federal Bank Holding Company Act.
−Removed: ● C&N Bank is a state-chartered, nonmember bank, supervised by the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities.
−Removed: ● C&NFSC is a Pennsylvania corporation.
+Added: ● C&N Bank is a state-chartered, nonmember bank, supervised by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities.
● The Pennsylvania Department of Insurance regulates C&NFSC’s insurance activities.
23 unchanged sentences
Employees have access to a holistic suite of items within our employee assistance program that caters to physical, emotional, and mental wellbeing for the employee and their family.
−Removed: Additionally, we have conducted discretionary bonus payouts – the most recent grant program took place in 2020 and was in recognition of our employees’ special efforts during the COVID-19 pandemic.
Training and Development
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.