First Chester County Corp. executives have decided that selling the bank at a steep discount to another Pennsylvania company is a better option than remaining an independent, struggling institution.

First Chester announced Monday that it has agreed to sell itself to Tower Bancorp Inc. in Harrisburg for $65 million in stock, or 90% of its tangible book value. However, in an increasingly common wrinkle, the purchase price would drop if the West Chester company's credit quality worsens.

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