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FIRST PEOPLES' SHAREHOLDERS APPROVE MERGER WITH CORESTATES

 FIRST PEOPLES' SHAREHOLDERS APPROVE MERGER WITH CORESTATES
 HADDON TOWNSHIP, N.J., July 9 /PRNewswire/ -- At a special meeting of shareholders held today, the shareholders of First Peoples Financial Corporation (NASDAQ: FPNJ) voted to approve and adopt the Agreement and Plan of Reorganization between First Peoples and CoreStates Financial Corp (NASDAQ: CSFN), a Pennsylvania corporation and registered bank holding company.
 The Agreement and Plan of Reorganization provides for the merger of First Peoples with and into CoreStates, in which shareholders of First Peoples will receive, for each share of common stock, par value $6, of First Peoples, 0.935 shares of common stock, par value $1, of CoreStates. The merger is still contingent upon receiving appropriate regulatory approvals. It is expected that these approvals will be received during August of this year.
 First Peoples Financial Corporation, parent company of First Peoples Bank of New Jersey, is headquartered in southern New Jersey. The bank's 31 offices serve Burlington, Camden, Cumberland and Gloucester counties.
 /delval/
 -0- 7/9/92
 /CONTACT: Charles J. Nugent of First Peoples Financial, 609-858-7566/
 (FPNJ CSFN) CO: First Peoples Financial Corporation; CoreStates Financial Corp ST: New Jersey, Pennsylvania IN: FIN SU: TNM


JS-EF -- PH035 -- 8046 07/09/92 17:22 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:202
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