CoreStates Financial Corp Announces Sale of Ten Branch Offices to Three Different Purchasers

Strategic Insights -

CoreStates Financial Corp, a leading financial institution in the Philadelphia area, has announced agreements for the sale of ten branch offices located in New Jersey and Pennsylvania. The branch offices are being sold in clusters to three different purchasers, with all three sales scheduled to close in the fourth quarter of 1995, subject to regulatory approval. This strategic move marks a significant step in CoreStates' efforts to reposition its business and focus on core operations.

Key Takeaways:

  • The sale includes ten branch offices located in New Jersey and Pennsylvania, with three clusters of offices being sold to different purchasers.
  • The first cluster of offices, totaling three branches, is being sold to Sun National Bank, an operating subsidiary of Sun Bancorp, Inc., with assets of approximately $300 million.
  • The second cluster of offices, totaling three branches, is being sold to Little Falls Savings Bank, a state-chartered mutual savings bank with assets of approximately $204 million.
  • The third cluster of offices, totaling four branches, is being sold to The Bank of Lancaster County, N.A., with assets of approximately $670 million and 23 offices in Lancaster and Chester counties in Pennsylvania.
  • The sale is subject to regulatory approval and is expected to close in the fourth quarter of 1995.

Statistics:

  • The three clusters of offices being sold have a combined total of 10 branches.
  • The branch offices being sold are located in New Jersey and Pennsylvania, with three clusters of offices being sold to different purchasers.
  • Sun National Bank has assets of approximately $300 million, while Little Falls Savings Bank has assets of approximately $204 million.
  • The Bank of Lancaster County, N.A. has assets of approximately $670 million and 23 offices in Lancaster and Chester counties in Pennsylvania.
  • The sale marks a significant step in CoreStates' efforts to reposition its business and focus on core operations.

Sources:

  • "CoreStates Financial Corp Announces Agreements for Sale of Ten Branch Offices," PR Newswire, August 14, 1995.