Susquehanna Bancshares has completed its acquisition of Tower Bancorp, which will see the latter firm’s wealth business, Graystone Wealth Management, become part of Susquehanna Wealth Management.

Susquehanna Wealth Management has around $7.4 billion in assets under management and administration.

With the acquisition, Susquehanna has $17.5 billion in assets and 261 offices in Pennsylvania, Maryland, New Jersey and West Virginia, the firm said.

Tower’s branches in central and Southeastern Pennsylvania and Maryland previously operated under the Graystone, Tower and 1N Bank divisions, and now operate as Susquehanna Bank offices; Susquehanna has also acquired its first branches in State College, PA, as well as within Fulton and Lebanon counties in Pennsylvania.

Three members of Tower’s board of directors have joined the boards of directors of Susquehanna Bancshares and Susquehanna Bank. The new members are Andrew Samuel, Tower's chairman and chief executive, Jeffrey Lehman, president and CEO of Shank’s Extracts, and Robert Poole, chairman, president and CEO of S&A Homes.

In the transaction, each share of Tower common stock outstanding immediately prior to completion of the merger was converted into the right to receive 3.4696 shares of Susquehanna common stock or $28.00 in cash, subject to proration so that $88 million of the aggregate consideration is paid in cash, according to the statement on the deal.