PHILADELPHIA -- CoreStates Financial Corp. said it has completed its acquisition of First Peoples Financial Corp. of Haddon Township, N.J.
The acquired company owns First People Bank of New Jersey, which has $1.1 billion of assets and is to be merged Sept. 18 into CoreStates' Pennington, N.J.-based subsidiary, New Jersey National Bank. The latter will have $4 billion in assets and 111 branches after the merger.
By terms of the agreement, each First Peoples common share will be exchange for 0.935 share of CoreStates.
