Chester Springs, PA based Conestoga Bancorp Inc. has completed its acquisition of Philadelphia-based PSB Bancorp Inc. (NASDAQ: PSBI), the $577 million parent company of First Penn Bank, which operates 13 branches in the Philadelphia metropolitan area.

The acquisition provides a foundation for Conestoga, a recent de novo backed by private equity funds, to build a community bank in an accelerated manner with an established branch network and experienced personnel.

Curtis provided a fairness opinion to the Board of Directors of PSB Bancorp Inc. in connection with the transaction. Knowledge of and experience with the banking industry enabled Curtis to develop its opinion in less than one week, serving to maintain the transaction pacing while allowing the Board of Directors to obtain an independent opinion.