Fulton to acquire bank in Denver, Pa.

LANCASTER, Pa. -- Fulton Financial Corp. said it had signed a letter of intent to acquire Denver National Bank in Denver, Pa.

The bank would be merged into Fulton Bank, the flagship of the Lancaster-based holding company.

Denver National has assets of $185 million and three offices. The acquisition is valued at approximately $54 million. Each of the 400,000 shares of Denver common stock would be exchanged for 6.5 shares of Fulton Financial common.

Fulton Financial, which has $2.1 billion in assets and five banks besides the $1.2 billion-asset Fulton Bank, said the merger should be completed early next year and will give Fulton Bank the largest share of the Lancaster County market.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER