Fulton Financial Corporation To Make New Investment In Lancaster City; Announces Fulton Bank's Purchase Of Downtown Lancaster, PA Properties And Expansion Of Bank Headquarters
LANCASTER, Pa., Oct. 13, 2010 (GLOBE NEWSWIRE) -- Fulton Financial Corporation (Nasdaq:FULT) announced that its largest banking subsidiary, Fulton Bank, N.A. intends to purchase the property at 23 East King Street and has completed the purchase of the adjacent parking lot at 22 East Grant Street in Lancaster City. The bank anticipates that the purchase of the 23 East King Street property will be completed tomorrow.
The company plans to expand its Penn Square offices, which serve as the headquarters for Fulton Bank and Fulton Financial Corporation and which currently house 450 employees. When completed, it is anticipated that the new building will provide space for 225 employees.
Upon successful completion of the purchase of the 23 East King Street property, the company plans to raze the existing office building, which has been vacant for several years, to construct a new environmentally friendly and energy efficient six-story office building that will contain approximately 73,000 square feet of office space, 15,000 square feet of common area space, 3,400 square feet of retail space along East King Street, and a mix of public and private parking spaces. In addition, the company will seek approval to construct a pedestrian bridge over Christian Street, linking its existing Penn Square offices to the new office building."We are outgrowing our current space at our existing Penn Square headquarters and also at our East Petersburg operations center," said R. Scott Smith, Jr., Fulton Financial Corporation's Chairman and CEO, "and therefore it makes sense to buy these properties which are next to our existing Penn Square building. We have a very strong commitment to and belief in the City of Lancaster, which has been Fulton Bank's home since 1882. Through this newest project, we are working to continue our long tradition of being a supporter of Lancaster City."
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