First National Bank has announced it will buy Comm Bancorp, the Pennsylvania-based parent company of the wealth manager and retail bank Community Bank and Trust.

The stock and cash transaction is valued at approximately $70 million and the acquisition of Comm Bancorp will provide FNB with $642 million in assets and 15 branches across five counties in northeastern Pennsylvania.

The terms of the merger agreement entitle shareholders of Comm Bancorp to a fixed exchange ratio of 3.4545 shares of FNB common stock and $10 in cash for each of the Comm Bancorp shares, said the firm.

“This move is a logical step in our announced strategy to expand into eastern Pennsylvania and in markets with attractive demographics and long-term growth potential,” said Stephen Gurgovits, chief executive of FNB.