Printer Friendly

CORESTATES ACQUIRES FIRST PEOPLES

 CORESTATES ACQUIRES FIRST PEOPLES
 PHILADELPHIA, Sept. 3 /PRNewswire/ -- CoreStates Financial Corp


(NASDAQ: CSFN) today announced the completion of its acquisition of First Peoples Financial Corporation (NASDAQ: FPNJ) of Haddon Township, N.J., the parent company of First Peoples Bank of New Jersey.
 First Peoples Bank of New Jersey, with $1.1 billion of assets, operates in Camden, Gloucester, Cumberland and Burlington counties. It is scheduled to be merged into CoreStates' Pennington, N.J.-based subsidiary, New Jersey National Bank, on Sept. 18 bringing NJNB's total assets to $4 billion and the number of branches to 111.
 Under terms of the agreement, each of First Peoples' shares of common stock will be exchanged for 0.935 shares of CoreStates common stock. First Peoples' shareholders will be contacted by CoreStates' transfer agent to explain how their shares will be transferred.
 "We are pleased to welcome First Peoples and its customers into the CoreStates family," said CoreStates Chairman Terrence A. Larsen. "The Cherry Hill corridor is an especially high priority for CoreStates," he said. "With this addition to our market presence, we are in a position to increase our level of service to customers in that area significantly."
 An interim management team and reporting structure has been established and will remain in place until the merger between the two banks on the 18th.
 While some positions will be eliminated in order to achieve cost efficiencies, Larsen noted that, "CoreStates has followed through on its commitment to First Peoples' employees displaced by the merger with strong efforts to find alternative jobs for them within CoreStates." Larsen went on to explain an innovative temporary placement program which has been in place since May 1992. Called Lend/Lease, this program has "leased" First Peoples' employees to CoreStates to fill open positions during the interim period between the signing of the agreement and closing of the acquisition. During the post-merger period, an in-placement unit has been designed to attempt to match employees with appropriate positions and to provide support services.
 John D. Wallace, chairman of New Jersey National Bank, said the bank is prepared to do "everything we can to create a smooth transition for customers. Both First Peoples and NJNB have a strong service culture," he said, "and we expect that First Peoples' customers will benefit from the broader array of services and increased number of branches that will be available to them."
 /delval/
 -0- 9/3/92
 /CONTACT: Gregg Feistman or Linda Strycker of CoreStates Financial, 215-973-3546/
 (CSFN FPNJ) CO: CoreStates Financial Corp; First Peoples Financial Corporation ST: Pennsylvania, New Jersey IN: FIN SU: TNM


MP -- PH007 -- 6478 09/03/92 13:56 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 3, 1992
Words:439
Previous Article:BRITISH AIRWAYS AUGUST TRAFFIC AND CAPACITY STATISTICS
Next Article:NATION'S FIRST 'ASSEMBLY LINE' NATURAL GAS TRUCKS ROLL ONTO SOUTHERN CALIFORNIA STREETS
Topics:


Related Articles
FIRST PEOPLES' SHAREHOLDERS APPROVE MERGER WITH CORESTATES
INTER COMMUNITY BANK TO JOIN CORESTATES
CORESTATES, INDEPENDENCE BANCORP ENTER INTO ACQUISITION AGREEMENT
CORESTATES ACQUISITION OF INTER COMMUNITY BANK COMPLETED
CORESTATES COMPLETES ACQUISITION OF CONSTELLATION BANCORP
CORESTATES FINANCIAL CORP AND RITTENHOUSE FINANCIAL SERVICES, INC. TERMINATE AGREEMENT
MELLON BANK TO ACQUIRE PENNSYLVANIA CORPORATE TRUST BUSINESS FROM CORESTATES
CORESTATES AND MERIDIAN AGREE TO COMBINE; PARTNERSHIP WILL CREATE A REGIONAL BANKING POWER
MERIDIAN, CORESTATES ANNOUNCE PLANS FOR NON-BRANCH FACILITIES IN BERKS COUNTY
COMMONWEALTH SAVINGS BANK AGREES TO PURCHASE BRANCHES BEING DIVESTED IN CONNECTION WITH CORESTATES-MERIDIAN MERGER

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters