EDISON, N.J. - Midlantic Corp. said it has completed the acquisition of Old York Road Bancorp.

Old York Road common stockholders received $10 in cash or 0.3721 share of Midlantic common stock for each of their shares.

The principal subsidiary of Old York Road had been the Bank and Trust Company of Old York Road, which operated 14 banking offices in Montgomery, Bucks, and Philadelphia counties.

As of March 31, Old York Road had assets of $226 million and shareholders' equity of $13 million.

With the acquisition's completion, the Bank and Trust Company of Old York Road was merged into Midlantic Bank.

Midlantic Corp. has $13.6 billion of assets.

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