Pennsylvania's Fulton Financial Corp. announced plans Monday to acquire Ambassador Bank of the Commonwealth, Allentown, Pa., for about $77 million in stock.

Lancaster-based Fulton, a $4.5 billion-asset holding company that operates 11 community banks in four states, would exchange 1.12 shares of its common stock for each Ambassador share. The deal, valued at roughly 3.15 times book, is expected to close during the third quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.