PHILADELPHIA -- CoreStates Financial Corp. said it is buying a four-branch bank company in northern New Jersey to expand its middle-market lending activities.
CoreStates, which has $22.9 billion of assets, said it agreed to buy Inter Community Bancorp, of Springfield, in a stock deal with an indicated value of $16 million to $16.5 million.
Inter Community had assets of $125.7 million, deposits of $115.3 million, and equity of $8.5 million as of April 30.
CoreStates' New Jersey subsidiary has about $3 billion of assets.
