READING, Pa. -- Meridian Bancorp Inc. and United Counties Bancorp. extended to Dec. 12 their letter of intent to merge.
The letter was to have expired Sunday.
In a press release, the bank holding companies said they both have "satisfactorily completed their due diligence processes and are focusing their attention on negotiating the definitive merger agreement."
The companies signed a letter of intent for the merger, a stock swap valued at about $376 million, at the end of August.
Share of both companies have fallen about 11% since the announcement.
A spokesman for Meridian said the company now expects the transaction to close late in the 1995 first quarter or early in the second quarter.
