Printer Friendly

INTER COMMUNITY BANK TO JOIN CORESTATES

 PHILADELPHIA, June 23 /PRNewswire/ -- CoreStates Financial Corp (NASDAQ: CSFN) and Inter Community Bancorp of Springfield, N.J., today announced an agreement for CoreStates to acquire Inter Community for stock.
 Inter Community is a bank holding company with assets of $125.7 million, total deposits of $115.3 million and equity of $8.5 million as of April 30, 1993. Its Inter Community Bank subsidiary operates four branches located in Union, Essex and Morris counties.
 Depending on variables that include CoreStates' market price during the period shortly before closing and Inter Community's performance prior to closing, each share of Inter Community common stock will be converted into not less than 0.313 share and not more than 0.361 share of CoreStates common stock, for a total value of approximately $16 to $16.5 million. Inter Community also has granted CoreStates an option to purchase 227,325 shares of Inter Community common stock if certain contingencies occur.
 The agreement is subject to CoreStates board, Inter Community shareholder and regulatory approvals. The companies said they anticipated a closing in the fourth quarter.
 After the transaction closes, Inter Community Bank would be merged into CoreStates' New Jersey National Bank subsidiary.
 Thomas A. Bracken, president and CEO of CoreStates New Jersey National Bank, said "We are delighted to be enlarging our presence in this important marketplace. We are committed to maintaining and building upon the quality service the customers of Inter Community Bank have come to expect.
 "This branch system will be a strategic complement to the growing middle market business we have developed around CoreStates' Short Hills office over the last eight years. The branch locations also will strengthen our retail and private banking activities."
 Nazario L. Paragano, chairman of Inter Community Bancorp, said he was pleased that Inter Community was joining with CoreStates, "an organization with the experience, the depth, the commitment to service and the resources to bring great things to our customers."
 CoreStates is a $22.9 billion assets bank holding company with branch banking operations in southeastern and south central Pennsylvania and New Jersey. Its banking subsidiaries conduct commercial and correspondent banking, trust and consumer banking services through 281 domestic and 5 foreign branches. Other subsidiaries engage in commercial finance and factoring, discount brokerage, investment banking and merchant banking.
 /delval/
 -0- 6/23/93
 /CONTACT: Mark Fogt of Inter Community, 201-467-8800, or Gary Brooten of CoreStates, 215-973-3546, or Judy Williams of NJNB, 609-771-5865/
 (CSFN)


CO: CoreStates Financial Corp; Inter Community Bancorp ST: Pennsylvania, New Jersey IN: FIN SU: TNM

MK -- PH033 -- 5156 06/23/93 16:34 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1993
Words:429
Previous Article:NEW YORK STOCK EXCHANGE CLOSING, WEDNESDAY, JUNE 23 /PRN/
Next Article:ALASKA IMPLEMENTS FLIGHT ATTENDANT EMPLOYMENT TERMS
Topics:


Related Articles
FIRST PEOPLES' SHAREHOLDERS APPROVE MERGER WITH CORESTATES
CORESTATES ACQUIRES FIRST PEOPLES
CORESTATES, INDEPENDENCE BANCORP ENTER INTO ACQUISITION AGREEMENT
CORESTATES ACQUISITION OF INTER COMMUNITY BANK COMPLETED
CORESTATES COMPLETES ACQUISITION OF CONSTELLATION BANCORP
CORESTATES ANNOUNCES AGREEMENTS FOR SALE OF ITS BOND ISSUER SERVICES BUSINESS
CORESTATES ANNOUNCES TEN BRANCH OFFICES TO BE SOLD
CORESTATES, BANK OF BOSTON, ISSUES JOINT STATEMENT
COMMONWEALTH SAVINGS BANK AGREES TO PURCHASE BRANCHES BEING DIVESTED IN CONNECTION WITH CORESTATES-MERIDIAN MERGER
CoreStates Completes Branch Conversions in Pennsylvania with Meridian; Moves Closer to 'One Bank, One Name, One Mission' Goal

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