P. M. BRIEFING : CoreStates, First Penn. to Merge
PHILADELPHIA — CoreStates Financial Corp. and First Pennsylvania Corp. today announced a $730-million merger agreement that will create a leading mid-Atlantic banking organization with nearly $23 billion in assets.
Announcement of the tax-free $18.75-a-share deal, approved this morning by First Pennsylvania’s board, followed a weekend during which the battle for control of First Pennsylvania intensified.
On Saturday, Meridian Bancorp Inc., responding to CoreStates’ offer, said it intended to increase its earlier $704 million bid to buy First Pennsylvania.
But today CoreStates and First Pennsylvania said in a joint statement that their merger was approved after discussion with Meridian.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
