STATE COLLEGE, Pa. - United Federal Bancorp Inc. said its shareholders will receive $32.50 per common share in the bank's planned merger with PNC Bank Corp., Pittsburgh.

As reported, the companies in May reached a definitive agreement for PNC Bank to acquire United Federal.

In a press release, United Federal said it has received all necessary regulatory approval for the merger, which still requires shareholder approval.

The company said it expects the merger to close early in the first quarter of 1994.

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