LANCASTER, PA -- (MARKET WIRE) -- 09/16/08 --
R. Scott Smith, Jr., chairman, chief
executive officer and president of Fulton Financial Corporation (NASDAQ: FULT) today announced that the boards of directors of the Corporation's
three Maryland banks have reached an agreement in principle to merge.
Hagerstown Trust Company, based in Hagerstown, and The Peoples Bank of
Elkton, based in Elkton, will merge with The Columbia Bank, headquartered
in Columbia. This action is subject to approval by bank regulatory
authorities and is expected to be completed during the third quarter of
2009.
"Our company continues to grow in the Maryland market. This merger will
enable our banks to work together as we look to expand our
relationship-oriented style of banking into new communities," said Smith.
"By combining our three banks, we will create operating and marketing
efficiencies, which is important to our shareholders, by leveraging
existing brand awareness over a larger geographical area. At the same
time, we will continue to rely heavily on the local leadership, branch
structure and talented staff members in each market to maintain the
personalized banking relationships that are so highly valued by our
customers."
Following the merger, The Columbia Bank will retain its name, and John A.
Scaldara, Jr. will continue to serve as president and CEO of the bank. The
former Hagerstown Trust offices will operate as Hagerstown Trust, a
Division of The Columbia Bank, and Louis J. Giustini will remain president
of that division. The former Peoples Bank of Elkton will operate as The
Peoples Bank of Elkton, a Division of The Columbia Bank, and Robert
Palsgrove will remain president of that division.
After the merger, customers will be able to more conveniently access all of
The Columbia Bank's locations throughout a nine-county service area
covering Anne Arundel, Baltimore, Cecil, Frederick, Howard, Montgomery,
Prince George's, and Washington Counties in Maryland and also Franklin
County in Pennsylvania.
The Columbia Bank currently operates 27 banking offices in Anne Arundel,
Baltimore, Frederick, Howard, Montgomery, and Prince George's Counties in
Maryland.
Hagerstown Trust operates 11 branches in Washington County and a loan
production office in Franklin County, PA. Peoples Bank of Elkton operates
two branches in Cecil County.
Additional information can be found on the Internet at:
Fulton Financial Corporationwww.fult.comThe Columbia Bankwww.thecolumbiabank.comHagerstown Trustwww.hagerstowntrust.comPeoples Bank of Elktonwww.peoplesbankofelkton.com
2008
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Fulton Financial Corp.:
Laura Wakeley
Office: 717-291-2616
Cell: 717-371-2379