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LANCASTER, Pa., Sept. 28, 2010 (GLOBE NEWSWIRE) -- R. Scott Smith, Jr., chairman and chief executive officer of Fulton Financial Corporation (Nasdaq:FULT) today announced that the boards of directors of two of the Corporation's affiliate banks have reached an agreement in principle to merge.
Delaware National Bank, based in Georgetown, Delaware, will merge with Fulton Bank, headquartered in Lancaster, Pennsylvania. Delaware National currently operates 12 branches located in northern and southern Delaware. Fulton Bank operates 107 offices in south-central and southeastern Pennsylvania and Virginia.
The planned merger is subject to approval by bank regulatory authorities and is expected to be completed by the end of this year. P. Randolph Taylor, president and chief executive officer of Delaware National Bank, will continue to head the company's Delaware region. The newly merged bank will have assets of approximately $8.9 billion.
"The communities served by each of these banks are adjacent to one another," said Smith. "By merging the smaller Delaware National Bank into our larger flagship affiliate, Fulton Bank, we will be able to leverage the community banking style of Delaware National with the significant resources of Fulton Bank to better serve our customers. By uniting under one name, we will also be able to bring a more focused message to the individuals and businesses we are trying to reach."
"Fulton Bank has a powerful brand – customers in many of the markets we serve know that Fulton is a bank of considerable size and strength," said Taylor. "That knowledge and perception is an asset to us as we continue to work to attract new customers and increase our service to current customers in Delaware's communities."
Delaware National currently operates offices in Sussex and New Castle Counties in Delaware. Fulton Bank has branch locations in Berks, Bucks, Centre, Chester, Cumberland, Dauphin, Delaware, Lancaster, Lebanon, Montgomery, Schuylkill and York Counties in Pennsylvania as well as Chesapeake, Fairfax, Newport News, Prince William, Richmond and Virginia Beach counties in Virginia.