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I Midlantic Merges With Continental

EDISON - The shareholders of Midlantic Banks Inc., here, and Continental Bancorp, Inc., Philadelphia, PA, June 18 approved the merger of Midlantic and Continental to form a new regional bank holding company, to be named Midlantic Corporation. Robert Van Buren, chairman of Midlantic Banks Inc., and Roy T. Peraino, chairman of Continental Bancorp, Inc., made the joint announcement following stockholder meetings conducted in Edison and Philadelphia. THE COMBINATION will propel the Midlantic Corporation into the forefront of banking companies in the region. The merger will create the 32nd largest bank holding company in the United States, with total assets exceeding $15 billion at March 31 , and more than 400 offices serving eastern Pennsylvania and the entire state of New Jersey. In terms of earnings, the company would have had pro-forma net income for 1985 of approximately $142 million, which would have ranked it 20th in the country, and $39 million for the first quarter of 1986. UNDER THE terms of the agreement, Midlantic shareholders will receive one share of Midlantic Corporation common stock for each of their shares of Midlantic. Continental shareholders will receive 1.4302 shares of Midlantic Corporation common stock for each of their shares of Continental. The merger must be approved by the Federal Reserve Board and the Pennsylvania Department of Banking, and is contingent upon the effectiveness of legislation in Pennsylvania.

As of March 31, Continental had total assets of $4.8 billion, deposits of $4.0 billion, and 1 14 offices serving 12 counties in Pennsylvania; and Midlantic had total assets of $10.5 billion, deposits of $8.1 billion, and 312 offices serving all 21 counties throughout New Jersey, and in Florida, New York, North Carolina, Pennsylvania, London, Hong Kong and the Cayman Islands. Midlantic also has bankrelated affiliates engaged in factoring, leasing, mortgage banking, trust and international activities. New Flag Dedication In Middle GOSHEN — John Walter, a resident of Avalon Manor, will formally dedicate the Middle Township flag, during the July 4th celebration at Goshen Sports Complex just prior to the fireworks finale. Mayor Michael Voll, plus Committeemen Charles Leusner and James Alexis, will accept the flag on behalf of the residents of the township. According to Walter, "With its limitations, our township flag represents, in my opinion, one of the most opportune places for our families, business, industry, and education to work and live". "We all owe Mr. Walter our sincere gratitude for his time and effort and praise him for his outstanding community spirit and devotion." Voll said.

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