CoreStates Financial Corp. said Thursday it will close 20 branches near its Philadelphia headquarters to consolidate overlap from its March acquisition of Germantown Savings Bank.

The $29 billion-asset bank said no layoffs will occur in the branches, but refused to say how many back-office positions would be eliminated.

The closings will include nine CoreStates branches and 11 Germantown offices in Philadelphia and four surrounding counties.

A CoreStates spokesman did not know how much the bank expects to save from consolidating branches, and officials could not be reached for comment.

Rosemarie Greco, president and chief executive of CoreStates Bank, said in a statement the bank has made a commitment to keep branch personnel.

"We're pleased to keep intact the existing relationships our people have with customers on an individual level. All GSB branch office people are being retained," she said.

CoreStates purchased the Bala Cynwyd-based thrift for $260 million. Germantown had $1.5 billion of assets.

The Germantown branch closings and systems conversions will take place on March 18, the bank said.

The consolidation of German-town comes in the midst of a major six-month internal evaluation of CoreStates operations. The bank announced its review program in September.

The bank has not revealed how many layoffs the reorganization will cause, but it has instituted a hiring freeze. Executives have not revealed how much they are seeking to save.

The bank is also in the process of unifying its subsidiaries under a single charter and market identity to save money.

CoreStates is currently completing consolidations related to the acquisitions earlier this year of two New Jersey banks -- Ramsey-based Independence Bancorp and New Brunswick-based Constellation Bancorp.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.