X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-The pace of bank consolidations here and throughout Eastern Pennsylvania increases on two fronts. Citizens Bank of Pennsylvania acquires locally based Thistle Group Holdings, parent of Roxborough Manayunk Bank, for $136 million, or $26 a share, in cash. The purchase, expected to reach completion in January 2004, will give Citizens an additional 15 branches in the Greater Philadelphia market where it currently operates 157 branches.

Stephen D. Steinour, chairman and CEO of the Pennsylvania affiliate of Providence, RI-based Citizens Financial Group, says, “The acquisition of RMB strengthens Citizens’ position as Philadelphia’s second largest bank and continues our momentum and growth. The Philadelphia region is a large and important market for us.”

RMB is Citizens’ third acquisition in Pennsylvania since 2001. With the addition of RMB’s branches it will operate more than 370 branches in the state. The RMB purchase follows FleetBoston Financial Corp.’s recent acquisition of Bleu Bell, PA-based Progress Financial Corp.

In an unrelated transaction, Harrisburg, PA-based Waypoint Financial Corp. acquires two bank branches in Chambersburg, PA from First Commonwealth Bank, which is based in Indiana, PA. Waypoint plans to add a third branch in Chambersburg this fall along with one each in Shippensburg and Gettysburg, PA this year.

The five branches along with a newly relocated office in Hagerstown, MD, expand Waypoint’s presence along the I81 corridor and connect its retail operations in Maryland and Central Pennsylvania.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.