Shareholders Vote to Approve Merger of Northern State Bank Into The Legacy Bank.
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 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 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. Its wholly owned subsidiary, 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 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/
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|Date:||Oct 31, 2002|
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