HARRISBURG, Pa. -- Shareholders in Keystone Financial Inc. approved a plan to acquire Frankford Corp. Horsham, Pa., in a stock transaction valued at $125 million.
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"The Frankford merger complements our expansion in the Philadelphia suburbs, an attractive banking market," said Carl L. Campbell, president and chief executive officer of Keystone, which has $3.8 billion in assets.
Frankford is a bank holding company with $661 million in assets.
Frankford shareholders approved the merger at a special meeting last mongh. Regulatory approval is pending.
It was also reported at the Keystone meeting that shareholders of American Savings Bank, a state-chartered savings bank with $136 million in assets, had approved a merger with Keystone
