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."
Fulton Financial Corporation and Fulton Bank have made considerable investments in Lancaster City over the years. The company has funded a number of community development projects through equity investments totaling more than $13 million in projects such as the King Theatre Apartments, the Umbrella Works and City Crossing. In 2000, the company purchased the former Woolworth, McCrory's and Art Store buildings and built a new L-shaped building around its existing Penn Square headquarters, with a total investment of $20 million. The company and its employees also contribute dollars and volunteer time to many organizations in Lancaster City including the James Street Improvement District, the Fulton Theatre, the Lancaster Museum of Art and SACA Development Corporation. Fulton Bank, N.A., the largest of eight banks under the Corporation's umbrella, is the annual sponsor of the Celebrate Lancaster concert and fireworks organized by the Mayor's Office of Special Events.In terms of today's announcement, Fulton Bank expects to pay a total of $1.2 million to purchase the East King and East Grant Street properties. The total cost of the project announced today will be determined as the company works through the design and planning processes and the negotiation of construction contracts. The company expects to begin working on the project in the second quarter of 2011, with demolition of the existing building tentatively slated for the third quarter next year. The project will be completed in 2013. Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has nearly 3,800 employees and operates more than 270 banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia. Fulton Bank, the largest affiliate of Fulton Financial Corporation, is a community bank headquartered in Lancaster, Pennsylvania with 107 branches throughout 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.
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CONTACT: Fulton Financial Corporation Laura Wakeley 717-291-2616