In a move to strengthen its market position, Philadelphia-based Prime Bancorp is buying Devon, Pa.-based First Sterling Bancorp for $29 million.

The deal for $229 million-asset First Sterling would give the thrift access to Philadelphia's western suburbs, a market its officials said they have wanted to enter. The purchase is to add four branches to Prime's current 18 in Philadelphia, Bucks, and Montgomery counties.

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.