Constitution Bancorp. joins JeffBanks Inc.PHILADELPHIA--(BUSINESS WIRE)--May 30, 1995--JeffBanks Inc. and Constitution Bancorp. Inc. Tuesday Tuesday: see week. announced an agreement to merge Constitution Bank, the wholly-owned subsidiary of Constitution Bancorp., into Jefferson Jefferson, uninc. city (1990 pop. 25,782), Fairfax co., N Va. It is a residential suburb of Washington, D.C. Bank, a wholly-owned subsidiary of JeffBanks Inc. Shareholders of Constitution Bank will receive $2.7 million of common stock of JeffBanks Inc., but not more than 135,000 shares in the aggregate. JeffBanks Inc. is a Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. bank-holding company with total assets of approximately $750 million. Constitution Bank, also of Philadelphia, will add approximately $120 million in assets. After the merger, JeffBanks Inc. will have 26 locations in the Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. . Betsy Z. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , chairman and chief executive officer of JeffBanks, said, "The joining of Constitution Bank with Jefferson Bank is a welcome combination of two institutions with a common purpose of providing community banking in the Philadelphia area. The transaction will allow the realization of a number of in-market synergies, and this should be accretive." James W. McKeighan III, president of Constitution Bancorp., stated, "The merger also provides Constitution Bancorp. shareholders with equity in a growing public company, and will offer Constitution's customers enhanced service Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; opportunities." Three Constitution Bancorp. directors -- Peter P. Laman Jr. (chairman of Constitution Bancorp.), John A. Hobyak Jr. and Michael F. Beausang Jr. -- would become directors of Jefferson Bank. James W. McKeighan III will join Jefferson Bank as an executive vice president. The transaction is conditioned upon appropriate corporate and regulatory approvals CONTACT: JeffBanks Inc., Philadelphia Ellen Warren, VP, 215/564-5040, ext. 202 |
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