LANCASTER, Pa. - Fulton Financial Corp. said it had signed a letter of intent to acquire First Lehigh Corp. for $3.43 million in cash.
The deal includes First Lehigh Bank, which Fulton intends to merge into its Lafayette Bank subsidiary. Both are based in Northampton County, Pa.
First Lehigh Bank hits seven branch offices and $137 million in assets, which would bring Lafayette to 23 offices and more than $500 million in assets.
Richard J. Ashby Jr., president and chief executive officer of Lafayette Bank, said its Northampton County market share would rise 11% as a result of the deal and the pending acquisition of three Easton branches of Northeastern Bank of Pennsylvania, with $25 million in deposits.