2 Pennsylvania Banks Announce Plans to Merge
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PITTSBURGH — Lincoln Savings Bank of Carnegie, Pa., said it plans to merge with North Side Deposit Bank of Pittsburgh.
The two institutions have already signed a letter of intent. A definitive merger agreement is expected to be signed by the end of the month.
Under the agreement, North Side holders will get one share in a newly formed holding company for each of the 1.2 million shares they hold. Lincoln holders will receive 1.67 shares in the new company for each of their 900,000 existing shares.
Lincoln Savings had assets of $209.2 million and North Side assets of $210.8 million on June 30.
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