LANCASTER, Pa. - Directors of Fulton Financial Corp. and Mid-Atlantic Bancorp, parent of Hagerstown (Md.) Trust Co., have approved a definitive merger agreement.

Fulton would pay 1.65 of its common shares for each of Mid-Atlantic's 1.44 million outstanding shares, giving the deal an indicated value of about $57.6 million.

Hagerstown Trust, which has $333 million of assets and 14 offices, would be Fulton's seventh banking subsidiary and first in Maryland. The Hagerstown unit will retain its name, and Fulton said it contemplates no changes in employees, management, or directors.

Including this acquisition, Fulton will have $2.7 billion of banking assets, $1.2 billion of trust assets, and 87 offices in Pennsylvania and Maryland.

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