Venturing outside New York State for the first time, Marine Midland Bank said Friday that it has a deal to buy First Commercial Bank in Philadelphia for $23.75 million in cash.
First Commercial, with two branches and $90 million of assets, was established by chairman Peter Au-Yang in 1989, primarily to serve Asian- Americans. Marine Midland said it would pay $44.477 for each share of First Commercial stock.
Malcolm Burnett, president and chief executive of $34 billion-asset Marine Midland, said the transaction would expand the bank's Asian focus and would supply "a base for building a retail branch network in Philadelphia."
Marine Midland has 380 branches in New York, including 10 in New York City that focus chiefly on Asian-Americans. The deal is expected to close in March.