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Fulton Financial to buy N.J.-based firm

June 16, 2004|by JULIE E. GREENE

Hagerstown Trust's parent company, Fulton Financial Corp., this week announced plans to buy First Washington FinancialCorp.

The deal will not result in any changes for Hagerstown Trust, Fulton Financial spokeswoman Laura J. Wakeley said Tuesday.

Approvals by First Washington's shareholders, the federal government and the state of New Jersey are needed before the deal can be completed, Wakeley said. The deal is expected to be completed before April 15, 2005.

Based on Fulton Financial's closing stock price on Monday, the deal is valued at approximately $124.4 million, according to a news release at Fulton Financial's Web site.

Windsor, N.J.-based First Washington FinancialCorp operates 16 community banking offices in Mercer, Monmouth and Ocean counties in New Jersey.

Fulton Financial has assets of $10.5 billion and First Washington has approximately $483 million in assets, according to the news release.

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Fulton Financial, based in Lancaster, Pa., has 207 banking offices.

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