P. M. BRIEFING : CoreStates, First Penn. to Merge
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.
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