Edison. N.J.-based Midlantic Corp. has merged its two principal subsidiaries into one bank in an effort to cut marketing costs and make banking more convenient for customers. the bank announced Tuesday.
By merging Continental Bank in Philadelphia and Midlantic National Bank in Newark, N.J.. the holding c9mpany can allow customers to cash checks and make deposits in both banks. Previously, customers could not make transactions with the Midlantic unit outside their home states, because the subsidiaries operated under separate charters. The name of the new subsidiary is Midlantic Bank N.A.