December 29, 2009 (FinancialWire) — Tower Bancorp, Inc. (NASDAQ: TOBC) and First Chester County Corp. (NASDAQ: FCEC ) have signed a definitive merger agreement under which Tower will acquire First Chester in an all-stock transaction valued at approximately $65 million or $10.22 per share.

The transaction has been approved by the boards of directors of both companies. In a statement, Tower said the deal will further broaden the geographic markets of Tower Bancorp into “demographically attractive and contiguous markets” predominantly located in the Pennsylvania counties of Chester and Delaware.

This transaction will provide Tower with the addition of $1.3 billion in assets including, $958 million in gross loans held for investment, $986 million in deposits as well as 23 branches situated across four counties in southeastern Pennsylvania.

Pennsylvania-based Tower Bancorp is the parent company of Graystone Tower Bank, a community bank operating 27 branch offices in central Pennsylvania and Maryland through two divisions, Graystone Bank and Tower Bank.

Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). Recently issued reports and filings include F & C Capital & Income Investment Trust PLC (LSE: FCI), Sarantel Group PLC (LSE: SLG), Pharmacyclics, Inc. (NASDAQ: PCYC), Niusule Biotech Corp. (OTCBB: NIUS), JPMorgan European Investment Trust PLC (LSE: JFF), Ecofin Water & Power Opportunities PLC (LSE: ECWO), Invesco Property Income Trust Ltd. (LSE: IPI), Hansa Trust PLC (LSE: HAN) (OTC: FSBTF), Perpetual Income & Growth Investment Trust PLC (LSE: PLI), New India Investment Trust PLC (LSE: NII), JPMorgan Fleming Smaller Japanese Companies Investment Trust PLC (LSE: JPS), Edinburgh Investment Trust PLC (LSE: EDIN) (OTC: EHITF), Armour Group PLC (LSE: AMR), Bravo Venture Group Inc. (TSX Venture: BVG), Bellway PLC (London Stock Exchange: BWY) (OTC: BLWYF), Chase Corp. (AMEX: CCF), Continental Materials Corp. (AMEX: CUO), Amcon Distributing Company (AMEX: DIT), Eaton Vance Enhanced Equity Income Fund (NYSE: EOI), Majedie Investments PLC (London Stock Exchange: MAJE) (OTC: MJENF), Morgan Stanley Income Securities, Inc. (NYSE: ICB), Grainger PLC (London Stock Exchange: GRI) (OTC: GRTGF), Eaton Vance Insured Municipal Bond Fund (AMEX: EIM), PIMCO High Income Fund (NYSE: PHK) and Shaw Communications, Inc. (NYSE: SJR).

FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors by the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/). Recently webcast company presentations, financial results & earnings calls now available include InSite Vision, Inc. (OTCBB: INSV), LocatePLUS Holdings, Inc. (OTC: LPHC), Rentech, Inc. (AMEX: RTK), CytRx Corp. (NASDAQ: CYTR), Santarus, Inc. (NASDAQ: SNTS) ADVENTRX Pharmaceuticals, Inc. (AMEX: ANX), Aastrom Biosciences, Inc. (NASDAQ: ASTM), Methode Electronics, Inc. (NYSE: MEI), White Electronic Designs Corp. (NASDAQ: WEDC), Cantel Medical Corp. (EXCH: CMN), Frequency Electronics Inc. (EXCH: FEIM), Pep Boys-Manny, Moe & Jack (NYSE: PBY) and Xeta Technologies, Inc. (NASDAQ: XETA). Recordings are accessible via the search function at http://infoescrow.net/f/?u=http://www.investorcalendar.com by entering any company’s ticker symbol into the search field.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.