LANCASTER, PA -- (MARKET WIRE) -- 12/20/06 --
R. Scott Smith, Jr., chairman, chief
executive officer and president of Fulton Financial Corporation (NASDAQ: FULT), today announced that the boards of directors of two of the
Corporation's New Jersey banks have reached an agreement in principal to
merge.
Subject to receiving approval by bank regulatory authorities, in the second
quarter of 2007, Somerset Valley Bank, based in Somerville, NJ, will merge
with Skylands Community Bank, headquartered in Hackettstown, NJ.
The combined bank will operate as Skylands Community Bank and will continue
to provide the same local autonomy and decentralized decision-making
philosophies that characterize each of the banks today.
Michael Halpin, currently the president and CEO of Skylands Community Bank,
will become chairman and CEO of the combined bank, and Paul Stahlin,
currently president and CEO of Somerset Valley Bank, will become president
of Skylands Community Bank after the merger. Robert Corcoran, currently
the vice chairman of Somerset Valley Bank, will continue on the board of
the merged entities and will serve in a consulting capacity after the
merger date.
The union of the people and financial resources of each of these two banks
will enable the combined organization to more effectively serve its
customers in Somerset, Middlesex, Hunterdon, Warren, Sussex and Morris
Counties.
"By bringing our banks together, our total assets will grow to nearly $1.2
billion," said Halpin, "providing us with additional resources to more
directly meet the financial needs of the businesses, individuals and
families we serve. In addition, customers will be able to more
conveniently access all of our locations throughout what will become the
new bank's six-county service area."
"By joining forces with our colleagues at Skylands, we will serve our
communities more efficiently as well as provide increased location
convenience for our customers," said Corcoran. "We will continue to be
locally operated and decisions will continue to be made here. I am
pleased to know that the new combined bank will be led by two outstanding
bankers who are truly committed to relationship banking and who put the
needs of our customers and communities first."
"The merger allows us to continue to provide the personalized attention to
our customers that they have come to expect with the same dedicated
employees that they have come to know and trust," said Stahlin. "I am
looking forward to working more closely with Mike. He and I share exactly
the same philosophy of what personal, professional banking is all about.
And, we both continue to work with the same team of great employees that
has made both of our banks successful."
Somerset Valley Bank currently operates 12 banking offices and 15 ATMs in
Somerset, Middlesex and Hunterdon Counties. Skylands Community Bank
currently operates 12 banking offices and 10 ATMs in Warren, Sussex and
Morris Counties. Customers of the newly combined bank will have access to
financial services at all of these locations as well as nearly 260 branches
of Fulton Financial Corporation affiliates in five states.
More information on Somerset Valley Bank can be found on the Internet at
www.somersetvalleybank.com. Information on Skylands Community Bank is
available at www.skylandscombank.com, and information on Fulton Financial
Corporation can be found at www.fult.com.
Contact:
Laura Wakeley
Office: 717-291-2616