Harrisburg Bancor for about $40 million. Under the transaction, shareholders of $307 million-asset First Harrisburg will receive $14.77 for each share of their stock. Harris will acquire First Harrisburg's thrift subsidiary, First Federal Savings and Loan Association, and the thrift's wholly owned mortgage company, Avstar Mortgage Corp., which is licensed to operate in five states. Harris, which has $1.3 billion in assets, has 25 branches in Pennsylvania and Maryland. First Harrisburg has eight branches in Pennsylvania. First Harrisburg president and chief executive Patrick J. Aritz and chairman Bruce S. Isaacman will join Harris as executive vice president and a director, respectively. The transaction, which is still subject to shareholder and regulatory approval, is expected to be completed in early or mid-1996.
Save $400 off your subscription. Special offer ends April 30, 2017.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In