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FULTON FINANCIAL, DENVER NATIONAL BANK SIGN DEFINITIVE MERGER AGREEMENT

FULTON FINANCIAL, DENVER NATIONAL BANK SIGN DEFINITIVE MERGER AGREEMENT
 LANCASTER, Pa., Aug. 18 /PRNewswire/ -- Fulton Financial Corp. (NASDAQ-NMS: FULT) announced it signed a definitive agreement today to acquire The Denver National Bank, Denver, Pa., in a stock deal valued at approximately $58 million.
 Lancaster-based Fulton Financial announced its intent on July 21 to acquire Denver National Bank and merge it into Fulton Bank, the flagship bank of the multi-bank holding company.
 Under the terms of the agreement, each of Denver National Bank's 400,000 shares of common stock will be exchanged for 6.5 shares of Fulton Financial common stock.
 The agreement also stipulates that Daniel M. Heisey, president, CEO and a director of Denver National Bank, and Frederick B. Fichthorn, president of F & M Hat Co., Denver and a director of Denver National Bank, will be named directors of Fulton Financial Corp. and Fulton Bank.
 The agreement is subject to the approval of Denver National's shareholders and regulatory authorities. The merger is expected to be finalized during the first quarter of 1993.
 When completed, the merger with the $185 million Denver National Bank will give Fulton Bank $1.4 billion in assets and the largest deposit share of the Lancaster County market.
 In addition to Fulton Bank, the $2.1 billion Fulton Financial Corp. operates five other banking affiliates: Farmers Trust Bank, Lebanon; Swineford National Bank, Middleburg; Lafayette Bank, Easton: First National Bank of Danville; and Great Valley Savings Bank, Reading.
 /delval/
 -0- 8/18/92
 /CONTACT: Earl A. Popp of Fulton Financial Corp., 717-291-2616/
 (FULT) CO: Fulton Financial Corp.; The Denver National Bank ST: Pennsylvania IN: FIN SU: TNM


CC-MP -- PH024 -- 1020 08/18/92 14:17 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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