Meridian Bancorp said its shareholders approved a previously announced merger agreement with CoreStates Financial Corp.

Meridian said 97% of shares voted at the Tuesday meeting were cast in favor of the transaction. The deal, which was first announced in October 1995, is subject to regulatory approval and is expected to close in the second quarter.

The combined company would retain the CoreStates name and have $45 billion in assets. The transaction would be a tax-free exchange of 1.225 shares of CoreStates stock for each share of Meridian stock and would be accounted for as a pooling of interests.

Meridian Bancorp, headquartered here, has $14.8 billion in assets.

CoreStates Financial, based in Philadelphia, has $29.6 billion in assets.

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.