A founding director of an Allentown, Pa., community bank has resigned to protest the bank's acquisition by a larger competitor.

Elmer D. Gates stepped down from Ambassador Bank's board after the bank announced Jan. 26 that it was merging with Fulton Financial Corp. of Lancaster, Pa. Fulton, with $4.5 billion of assets, has promised to preserve Ambassador's name, board, and autonomy, but Mr. Gates said he would be breaking a promise to the community by remaining on the board.

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