Printer Friendly

FULTON FINANCIAL SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FIRST LEHIGH

 FULTON FINANCIAL SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FIRST LEHIGH
 LANCASTER, Pa., Nov. 10 /PRNewswire/ -- Fulton Financial Corp. (NASDAQ-NMS: FULT) signed a definitive agreement Monday, Nov. 9, to acquire First Lehigh Corp. and its wholly owned subsidiary, First Lehigh Bank, for $3.43 million in cash.
 Under the terms of the agreement, Fulton Financial will purchase all of the outstanding common and preferred stock of First Lehigh Corp. and then merge First Lehigh Bank into Lafayette Bank, a Fulton Financial subsidiary. Both Lafayette Bank and First Lehigh Bank are headquartered in Northampton County.
 The acquisition, which is subject to the approval of First Lehigh Corp.'s shareholders, and regulatory authorities, is expected to be completed in January 1993.
 First Lehigh has $135 million in assets and seven branch offices -- two in Northampton County, four in Lehigh County and one in Bucks County.
 Lafayette has $350 million in assets and 13 offices. It also has pending an early-December transaction to purchase the three Easton-area offices of Northeastern Bank of Pennsylvania which have approximately $25 million in deposits.
 The Northeastern Bank and First Lehigh Bank acquisitions will increase Lafayette's total assets to over $500 million and bring to 22 the number of Lafayette's offices in the Lehigh Valley.
 In addition to First Lehigh Corp., Fulton Financial has also announced plans to acquire the $185 million Denver National Bank, Denver, Pa., which will be merged into Fulton Bank, the flagship bank of the Lancaster-based bank holding company.
 When completed, the Denver and First Lehigh acquisitions will increase Fulton Financial's assets to over $2.4 billion and bring to 81 the number of banking offices the holding company will operate through its six subsidiary banks in 11 Pennsylvania counties.
 Besides Lafayette and Fulton banks, Fulton Financial has four other banking subsidiaries: Farmers Trust Bank, Lebanon; Swineford National Bank, Middleburg; First National Bank of Danville; and Great Valley Savings Bank, Reading.
 /delval/
 -0- 11/10/92
 /CONTACT: Earl A. Popp of Fulton Financial, 717-291-2616/
 (FULT) CO: Fulton Financial Corporation; First Lehigh Corp.; First Lehigh
 Bank; Lafayette Bank; Denver National Bank ST: Pennsylvania IN: FIN SU: TNM


MK-LJ -- PH006 -- 9138 11/10/92 09:33 EST
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:Nov 10, 1992
Words:359
Previous Article:KELLY ASSISTED LIVING(R) HONORS ALZHEIMER'S ASSOCIATION DURING NATIONAL ALZHEIMER'S DISEASE AWARENESS MONTH
Next Article:GENERAL MOTORS FILES WITH SEC FOR PUBLIC OFFERING OF SHARES
Topics:


Related Articles
FULTON FINANCIAL TO ACQUIRE DENVER NATIONAL BANK
FULTON FINANCIAL TO ACQUIRE DENVER NATIONAL BANK
FULTON FINANCIAL, DENVER NATIONAL BANK SIGN DEFINITIVE MERGER AGREEMENT
FULTON FINANCIAL TO ACQUIRE FIRST LEHIGH CORPORATION
CITY HOLDING COMPANY, FIRST NATIONAL BANK OF HINTON ANNOUNCE SIGNING LETTER OF INTENT
COMERICA TO ACQUIRE METROBANK TO EXPAND ITS SOUTHERN CALIFORNIA PRESENCE
FULTON FINANCIAL COMPLETES GLOUCESTER COUNTY BANKSHARES ACQUISITION
Woodstown National Shareholders Approve Merger With Fulton Financial
Fulton Financial Completes Woodstown National Acquisition
Fulton Financial Completes Ambassador Acquisition

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters