Business Services Industry
National Penn Bancshares to Buy Doylestown, Pa.-Based FirstService Bank.
Knight Ridder/Tribune Business News, September, 2002
By Joseph N. DiStefano, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Sep. 25--National Penn Bancshares has agreed to pay $93.5 million in cash and stock for FirstService Bank of Doylestown.
For now, the bank's seven branches will operate as the new FirstService division of National Penn, and National Penn branches in Doylestown, Sellersville and Horsham will be added to the new unit, the banks said.
National Penn, based in Boyertown, is one of nearly a dozen suburban and small-town banks that have bought or opened new branches in Center City and the region's growing suburbs since the city's dominant lenders were bought by Pittsburgh and out-of-state companies in the 1980s and 1990s.
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