Tower And First Chester Announce Shareholder Meeting Dates
Tower Bancorp Inc. and First Chester County Corp. (“First Chester”) have jointly announced that each of the companies will hold a special meeting of its respective shareholders on December 8, 2010, for purposes of considering and approving the agreement and plan of merger between Tower and First Chester, which provides for the merger of First Chester into Tower. The merger is currently anticipated to close in mid-December 2010. In connection with the respective special meetings, the companies expect to mail a definitive joint proxy statement/prospectus to their respective shareholders later this week.
Additionally, and in order to permit the parties sufficient time to consummate the merger, the parties have agreed to extend the deadline for consummating the merger set forth in the merger agreement to December 31, 2010.
“We are very pleased to be able to announce the date for our respective shareholder meetings and look forward to completing this transaction prior to yearend,” said Andrew Samuel, chairman and CEO of Tower.
John A. Featherman III, chairman, president and CEO of First Chester, added, “We are excited to proceed to the next step in this process and present our partnership with Tower for approval by our shareholders. We remain convinced that this combination is in the best interests of our customers, employees, shareholders and community, and look forward to great success as a combined institution.”
The transaction remains subject to approval by the shareholders of Tower and First Chester, as well as the satisfaction of other closing conditions.