Printer Friendly

KEYSTONE FINANCIAL COMPLETES ACQUISITION OF MAIN LINE BANCSHARES

 KEYSTONE FINANCIAL COMPLETES ACQUISITION OF MAIN LINE BANCSHARES
 HARRISBURG, Pa., Aug. 3 /PRNewswire/ -- Keystone Financial, Inc. (NASDAQ: KSTN), the ninth largest bank holding company in Pennsylvania, today reported the completion of the previously announced acquisition of all the outstanding stock of Main Line Bancshares, Inc. of Wayne, Pa. Shareholders of Main Line will receive .92 of a share of Keystone Financial stock for each share of their stock. At the close if business on July 31, 1992, the market price of Keystone stock was $28.25 per share, resulting in an aggregate consideration of approximately $303 million.
 "Main Line, with a history of solid growth in the western suburbs of Philadelphia generated strong asset and income gains during the first half of this year, reinforcing our enthusiasm for its potential contributions to the Keystone family of banks," Carl L. Campbell, president and chief executive officer of Keystone, said.
 For the six months ended June 30, 1992, Main Line reported net income of $1,120,852 or 96 cents per share and assets of approximately $208 million.
 "Main Line and Keystone share a corporate culture that emphasizes customer service and the maintenance of asset quality -- characteristics necessary for success in any economic climate," Ted Peters, president and chief executive officer of Main Line, commented.
 Main Line has four community offices in Wayne, Paoli, Exton and Bryn Mawr, Pa. Keystone has three additional member banks -- Pennsylvania National Bank, Pottsville; Northern Central Bank, Williamsport; and Mid-State Bank, Altoona -- which operate 91 community offices in 20 Pennsylvania counties.
 -0- 8/3/92
 /CONTACT: Robert J. Gentry of Keystone Financial, 717-231-5708/
 (KSTN) CO: Keystone Financial, Inc.; Main Line Bancshares, Inc. ST: Pennsylvania IN: FIN SU: TNM


TS-SM -- NY049 -- 6159 08/03/92 12:25 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:Aug 3, 1992
Words:290
Previous Article:HALLIBURTON TO SELL HEALTH ECONOMICS CORPORATION
Next Article:VERSAR APPOINTS NATIONALLY KNOWN RISK ASSESSMENT EXECUTIVE
Topics:


Related Articles
KEYSTONE FINANCIAL AGREES TO ACQUIRE MAIN LINE BANCSHARES
FOURTH FINANCIAL EXPANDS PRESENCE IN METRO KANSAS CITY MARKET WITH ACQUISITION OF MISSION HILLS BANCSHARES, INC.
CORRECTION TO KEYSTONE FINANCIAL ACQUIRES MAIN LINE BANCSHARES
KEYSTONE FINANCIAL ACQUIRES MORTGAGE COMPANY
KEYSTONE FINANCIAL SIGNS DEFINITIVE AGREEMENT TO ACQUIRE WM BANCORP
PULASKI STATE BANK TO JOIN F&M BANCORPORATION
KEYSTONE FINANCIAL COMPLETES ACQUISITION OF WM BANCORP
FLEET FINANCIAL GROUP COMPLETES ACQUISITION OF STERLING BANCSHARES CORP.
BARNETT AGREES TO ACQUIRE FIRST FINANCIAL BANCSHARES OF POLK COUNTY
BARNETT COMPLETES ACQUISITION OF FIRST FINANCIAL BANCSHARES OF POLK COUNTY

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