Continental Bank Holdings Inc. of Plymouth Meeting, Pa., announced Thursday that it has agreed to buy First Resource Bank of nearby Exton, Pa., for about $8 million.
The $492 million-asset Continental said it would pay $5.50 a share in cash for the $132 million-asset First Resource.
The transaction, which is expected to close late in the third quarter, must be approved by First Resource's shareholders and by regulators. First Resource Bank branches would become Continental Bank branches under the agreement. The combined company would have assets of about $650 million and deposits of $556 million.