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Monday January 29, 9:27 am Eastern Time
Press Release
SOURCE: Fulton Financial Corporation
Fulton Financial Corporation to Acquire 18 Sovereign Bank Branches
LANCASTER, Pa., Jan. 29 /PRNewswire/ -- Fulton Financial Corporation (Nasdaq: FULT - news), a Lancaster, Pennsylvania-based financial holding company with assets of $6.6 billion, today announced that it has reached a definitive agreement with Sovereign Bank, based in Wyomissing, PA, to acquire 18 Sovereign Bank branch offices located in Delaware, New Jersey and Pennsylvania.
The transaction is subject to regulatory approvals and is expected to be completed in the second quarter of 2001.
``We are very pleased to be able to acquire these branches which are located in very attractive markets,'' said Rufus A. Fulton, Jr., chairman and CEO of Fulton Financial Corporation. ``In particular, the Wilmington, Delaware area is a market that we have wanted to have a presence in for a long time. This acquisition offers us the opportunity to extend and strengthen our banking franchise in Delaware and Southern New Jersey and to offer customers the quality services for which Fulton Financial affiliates are known.''
The acquisition of these banking offices will bring $319 million in deposits and $53 million in loans to Fulton Financial Corporation, which plans to operate the offices through its existing banking affiliates. The six branches that are located in New Castle County, DE will be operated as a division of Delaware National Bank. Nine New Jersey branches will become part of The Woodstown National Bank and Trust Company. Five of these branches are located in Salem County; four others are located in Gloucester, Atlantic Cape May, and Cumberland Counties. Two additional branches located in Gloucester County, NJ will become part of The Bank of Gloucester County. One branch is located in Kennett Square, PA and will become part of Fulton Bank, the Corporation's largest affiliate bank.
Fulton Financial Corporation operates 160 banking offices in Pennsylvania, Maryland, Delaware and New Jersey through the following affiliates: Fulton Bank, Lancaster, PA; Lebanon Valley Farmers Bank, Lebanon, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Hagerstown Trust, Hagerstown, MD; Delaware National Bank, Georgetown, DE; The Bank of Gloucester County, Woodbury, NJ; The Woodstown National Bank and Trust Company, Woodstown, NJ; The Peoples Bank of Elkton, Elkton, MD, and Skylands Community Bank, Hackettstown, NJ. The Corporation's financial services affiliates include Fulton Financial Advisors, N.A., Lancaster, PA; Fulton Insurance Services Group, Inc. Lancaster, PA; and Dearden, Maguire, Weaver and Barrett, Inc., West Conshohocken, PA.
In December 2000, Fulton Financial Corporation announced that it would acquire Drovers Bancshares Corp., a bank holding company based in York, PA. The transaction is expected to close in the third quarter of 2001.
Information about Fulton Financial Corporation can be found on the Internet at www.fult.com.
SOURCE: Fulton Financial Corporation
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