Shareholders Vote to Approve Merger of Northern State Bank Into The Legacy Bank.
George H. Groves, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Legacy Bank of Harrisburg (BULLETIN BOARD: LBOH) today announced that shareholders have approved the merger of Northern State Bank into the Legacy Bank of Harrisburg. The merger will result in an institution with combined assets of nearly $220 million providing banking and asset management services for businesses and professionals throughout Central Pennsylvania.
Under the terms of the definitive agreement, the Legacy Bank agreed to exchange one share for each outstanding share of Northern State Bank's common stock.
"Our shareholders recognize the value a combined organization will provide to enhance shareholder value and expand the product and services offerings to current and prospective clients. The combination will provide businesses and professionals in the Lycoming and Bradford counties market with the opportunity to experience the Legacy difference," said George H. Groves, CEO and Chairman of the Legacy Bank. "We look forward to working with the clients and employees of Northern State Bank and we are proud to welcome them to the Legacy Bank team."
Shareholders also approved an amendment to the company's articles of incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. to change the bank's name from the Legacy Bank of Harrisburg to The Legacy Bank. The name change will commence in January 2003 and provides a more descriptive name Written indication on maps and charts, used to specify the nature of a feature (natural or artificial) shown by a general symbol. for the company which now operates in several Central Pennsylvania counties. Also it was reported that Northern State Bank shareholders approved the merger of Northern State Bank into the Legacy Bank of Harrisburg as well.
The transaction is expected to close in the first quarter of 2003 and is expected to be accretive to Legacy Bank's earnings per share in the first full year following the merger. The agreement is subject to customary conditions, including regulatory approval.
The Legacy Bank, with $140 million in assets, is a commercial bank with offices in Harrisburg and Hazleton, Pennsylvania For other places with the same name, see Hazleton (disambiguation).
Hazleton is a city in Luzerne County, Pennsylvania, United States. The population was 23,329 at the 2000 census. The city has gained national attention due to its struggles with illegal immigration. . Its wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. , the Legacy Trust Company has $75 million assets under management. The company offers a full suite of commercial banking and asset management products and services, for individuals, small- to medium-sized and privately held businesses, as well as professionals and professional practices -- all designed to assist individuals, the business owner and professional in wealth creation and preservation. The company offers Pennsylvania's first Pa. Department of Banking approved deposit courier service, specialized government lending programs, and online banking. An additional office location in Camp Hill, Pennsylvania Camp Hill is a borough in Cumberland County, Pennsylvania, 2 miles (3.5 km) southwest of Harrisburg, Pennsylvania. The population was 7,636 at the 2000 census. There are many large corporations based in nearby East Pennsboro Township that use the Camp Hill postal address, including is scheduled to open in April 2003. For more information, visit the company's web site at http://www.thelegacybank.com/.
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CONTACT: George H. Groves, CEO, +1-800-436-2124 x 101, or Jacquelyn M. Basso, Director of Marketing, +1-800-436-2124 x 114, both of The Legacy Bank
Web site: http://www.thelegacybank.com/