Meridian completes Commonwealth deal.

READING, Pa. - Meridian Bancorp said Wednesday it completed its previously announced merger with Commonwealth Bancshares of Williamsport.

Under the terms of the agreement, Commonwealth shareholders will receive 1.42 shares of Meridian common stock for each of their outstanding shares. That gives the deal a value of about $350 million, or about 215% of Commonwealth's book value.

Commonwealth's 61 banking offices in north-central and northeastern Pennsylvania began operating Wednesday as Commonwealth Bank, a division of Meridian Bank. William P. Snell Jr., formerly president and chief executive officer of Commonwealth Bancshares, has-been named president of the new banking division.

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