CoreStates, First Pennsylvania Banks to Merge
PHILADELPHIA — CoreStates Financial Corp. and First Pennsylvania Corp. agreed Monday to a $730-million merger that rival Meridian Bancorp Inc. said was less than its own bid for First Pennsylvania.
The tax-free, $18.75-a-share stock deal also ended an earlier agreement for First Pennsylvania to be acquired next spring by Marine Midland Banks Inc., the New York-based unit of Hongkong & Shanghai Banking Corp. of Hong Kong.
The merger, subject to shareholder and regulatory approval, would create a Philadelphia-based banking organization with nearly $23 billion in assets and leading positions in the mid-Atlantic region in consumer, trust and credit card markets and in processing financial transactions.
The stock-for-stock deal includes all of First Pennsylvania’s nearly 39 million outstanding common shares and equivalents such as convertible stock.
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