PHILADELPHIA - CoreStates Financial Corp. said it signed an agreement to acquire Clayton (Del.) Savings and Loan Association.
CoreStates said Clayton, a state-chartered building and loan association, would provide a base for marketing consumer financial products and services to residents of Delaware and neighboring states.
Clayton is to be converted to a state-chartered bank, which in turn would be acquired by Philadelphia-based CoreStates. Financial terms of the transaction, which is subject to regulatory approvals, were not disclosed.