LANCASTER, Pa., April 1 /PRNewswire-FirstCall/ -- Fulton Financial
Corporation (Nasdaq: FULT) today completed its acquisition of Resource
Bankshares Corporation (Nasdaq: RBKV), based in Virginia Beach, Virginia.
Resource's sole banking subsidiary, Resource Bank, also based in Virginia
Beach, will now operate as a separate subsidiary of Fulton Financial
Corporation.
Resource Bankshares shareholders approved the merger at a special meeting
on February 26. Final regulatory approvals were received prior to that
meeting. Under the terms of the definitive merger agreement, Resource
Bankshares shareholders will receive 1.4667 shares of Fulton Financial common
stock for each Resource Bankshares common stock share. Based on the $22.27 per
share closing price of Fulton Financial stock on March 31, 2004, the
transaction is valued at approximately $213.5 million.
Resource Bank, with approximately $870 million in assets, operates six
community banking offices in Newport News, Chesapeake, Herndon, Virginia Beach
(two locations) and Richmond in Virginia. In addition, the bank operates 14
loan production and residential mortgage offices in Virginia, North Carolina,
Maryland and Florida.
Fulton Financial Corporation now has assets of approximately $10.6 billion
and operates 206 banking offices in Pennsylvania, Maryland, Delaware, New
Jersey and Virginia.
In addition to Resource Bank, Fulton Financial operates eleven other
banking affiliates: Fulton Bank, Lancaster, PA; Lebanon Valley Farmers Bank,
Lebanon, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador
Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Hagerstown Trust, Hagerstown,
MD; Delaware National Bank, Georgetown, DE; The Bank, Woodbury, NJ; The
Peoples Bank of Elkton, Elkton, MD; Skylands Community Bank, Hackettstown, NJ
and Premier Bank, Doylestown, PA.
The Corporation's financial services affiliates include Fulton Financial
Advisors, N.A., Lancaster, PA; Dearden, Maguire, Weaver and Barrett, LLC, West
Conshohocken, PA, and Fulton Insurance Services Group Inc., Lancaster, PA.
Residential mortgage lending is offered through Fulton Mortgage Company.
Additional information on Fulton Financial Corporation is available on the
Internet at www.fult.com.
SOURCE Fulton Financial Corporation
-0- 04/01/2004
/CONTACT: Laura J. Wakeley, +1-717-291-2739, for Fulton Financial
Corporation/
/Web site: http://www.fult.com /
(FULT RBKV)
CO: Fulton Financial Corporation; Resource Bankshares Corporation;
Resource Bank
ST: Pennsylvania, Virginia
IN: FIN
SU: TNM
HC
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6602 04/01/200407:28 ESThttp://www.prnewswire.com