LANCASTER, Pa. -- Fulton Financial Corp. said it had signed a letter of intent to acquire Denver National Bank in Denver, Pa.
The bank would be merged into Fulton Bank, the flagship of the Lancaster-based holding company.
Denver National has assets of $185 million and three offices. The acquisition is valued at approximately $54 million. Each of the 400,000 shares of Denver common stock would be exchanged for 6.5 shares of Fulton Financial common.
Fulton Financial, which has $2.1 billion in assets and five banks besides the $1.2 billion-asset Fulton Bank, said the merger should be completed early next year and will give Fulton Bank the largest share of the Lancaster County market.