After almost a year in doubt, shareholders of Tower Bancorp Inc. and First Chester County Corp. in Pennsylvania on Wednesday approved Tower's pending purchase of First Chester.
The $1.6 billion-asset Tower, the parent of Graystone Tower Bank, is changing the name of First Chester's bank to "1N Bank, a division of Graystone Tower Bank." The bank, currently called First National Bank of Chester County, claims to be the eighth-oldest national bank in the country, founded in 1863.
The company will have $2.7 billion of assets and 49 branches in Pennsylvania. The deal should close this month.
Delays tied to First Chester having to restate financials and a revaluation of its loan portfolio have plagued the deal since it was announced on Dec. 28, 2009.
