Two of Fulton Financial Corp.'s banking units have announced they plan to merge.
R. Scott Smith Jr., the chairman, chief executive officer, and president of the $15 billion-asset company in Lancaster, Pa., said in a press release Thursday that its Resource Bank in Virginia Beach would merge with its flagship Fulton Bank in Lancaster.
Resource Bank, which has seven branches, would keep its name and operate as a division of Fulton Bank.
T.A. Grell Jr., the Virginia bank's president and CEO, said the combination would let Resource grow faster than it could on its own. "This partnership will enable us to simultaneously expand our retail branch network and loan growth while maintaining the bonds we enjoy with our communities," he said. The merger is expected to close in the first quarter.
Fulton Financial, which has combined several of its banks in the past year, operates 11 in all, in five states. Customers can use any of its 260 branches in Virginia, Pennsylvania, New Jersey, Maryland, and Delaware.
