CoreStates Seen as Winning Bidder for Philadelphia's Germantown Savings. (Originated from Philadelphia Inquirer)

From: Knight Ridder/Tribune Business News | Date: March 7, 1994| Author: | Copyright information

Mar. 8--CoreStates Financial Corp. emerged as the successful bidder for Germantown Savings Bank Monday, agreeing to pay about $260 million in cash and stock to acquire the 140-year-old institution.

The deal, announced nearly five months after Germantown put itself on the block, will boost CoreStates' leading share of the Philadelphia banking market while giving Germantown Savings Bank stockholders a handsome profit.

But more than half of Germantown Savings' 32 branches will eventually close or merge with CoreStates branches, and a large percentage of the savings bank's 599 jobs ...

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