UNITED FEDERAL BANCORP: STOCKHOLDERS TO RECEIVE CONSIDERATION IN MERGER TRANSACTION WITH PNC BANK CORP.
STATE COLLEGE, Pa., Nov. 1 /PRNewswire/ -- United Federal Bancorp, Inc. (NASDAQ-NMS: UFBK) announced today that, in accordance with the terms of the Agreement and Plan of Reorganization with PNC Bank Corp. (NYSE: PNC), dated as of May 4, 1993, the board of directors of United Federal has determined that the consideration to be received by United Federal shareholders in the merger transaction with PNC Bank Corp. will consist of cash in the amount of $32.50 per share of United Federal common stock. The Agreement and Plan of Reorganization required the United Federal board of directors to make such determination after all required regulatory approvals had been received in connection with the merger transaction. All such approvals have been received. Subject to shareholder approval, it is expected that the merger transaction will close early in the first quarter of 1994. United Federal Bancorp, Inc. is the holding company for United Federal Bank, FSB, and UFB Financial, Inc. United Federal Bank conducts business from its headquarters in State College and 18 full-service branches in central and southern Pennsylvania. /delval/ -0- 11/1/93 /CONTACT: Charles C. Pearson Jr., chief executive officer, or Donald L. Gross, chief operating officer, of United Federal Bancorp, 814- 231-1668/ (UFBK PNC)
CO: United Federal Bancorp, Inc.; PNC Bank Corp. ST: Pennsylvania IN: FIN SU: TNM
KC-LJ -- PG003 -- 9338 11/01/93 16:59 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 1, 1993|
|Previous Article:||ARTHUR F. KINGSBURY NAMED PRESIDENT OF BPI COMMUNICATIONS, L.P.|
|Next Article:||CIGNA's THIRD QUARTER 1993 RESULTS INCLUDE ASBESTOS - ENVIRONMENTAL AND RESTRUCTURING CHARGES|