Independence Sees Gain from Settlement
PERKASIE, Pa. - Independence Bancorp said a settlement of litigation will contribute $3.5 million to pretax earnings in the fourth quarter.
The litigation concerned Independence's placement of asset-backed bonds on nonaccrual status in 1987. The bonds' current book value is about $6 million.
Independence withheld terms of the settlement, citing a confidentiality agreement.
The eastern Pennsylvania banking company, with $2.6 billion in assets, owns Bucks County Bank and Trust Co., Perkasie; Cheltenham Bank, Rockledge; Lehigh Valley Bank, Bethlehem, and Third National Bank and Trust Company of Scranton.