Continental Bank Holdings and First Resource Bank Jointly Announce Termination of Merger Agreement
PLYMOUTH MEETING, Pa., Nov. 19, 2010 /PRNewswire-FirstCall/ -- Continental Bank Holdings, Inc., (CBH) parent company of Continental Bank, Plymouth Meeting, PA and First Resource Bank, Exton, PA (OTC Bulletin Board: FRSB), jointly announced that they have entered into a mutual termination agreement, terminating the Agreement and Plan of Reorganization (the "Merger Agreement") that the parties previously executed on May 12, 2010. The parties mutually agreed to terminate the Merger Agreement after CBH advised First Resource Bank that CBH does not anticipate receiving required regulatory approvals for the merger prior to the date provided in the Merger Agreement for completion of the merger. Since their establishment, both banks have and will continue to operate as independent community banks servicing their respective communities.
About Continental Bank Holdings, Inc.
Continental Bank Holdings, Inc. is the parent holding company for Continental Bank. Headquartered in Plymouth Meeting, PA, Continental Bank is a $500 million community bank with 10 locations that was formed on September 7, 2005 and is focused on providing customized banking solutions to individuals and businesses in its local markets. To learn more about Continental Bank, its locations, products, services and people, please visit www.thecontinentalbank.com or call 1-800-705-5500.
About First Resource Bank
First Resource Bank is headquartered in Exton, PA and began operations in May 2005. It is a locally owned and operated Pennsylvania state-chartered bank, serving the banking needs of businesses, professionals and individuals in Chester County, PA. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. As of December 31, 2009 First Resource Bank had total assets of $132 million and total deposits of $110 million.
This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21 E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release , the words "expects", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs such as "will", "would", "should", "could", or "may", are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. Continental Bank Holdings, Inc. and its subsidiary Continental Bank disclaim any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.
SOURCE First Resource Bank