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Shareholders at Tower, First Chester approve acquisition

December 11, 2010

Shareholders of Tower Bancorp, Inc. and First Chester County Corp. voted overwhelmingly last week to approve the merger of Tower and First Chester.

“We are grateful for our shareholders’ overwhelming support for this merger,” said John A. Featherman III, chairman, president and chief executive officer of First Chester.

“In approving the transaction, our shareholders recognize the importance of bringing together the similar cultures and strong commitments to their respective communities of First Chester and Tower.

"The increased scale, strong regulatory capital, and diverse customer base of the combined company will provide a strong platform for future growth.”

Andrew Samuel, chairman and CEO of Tower, said: “We are pleased by the strong support of Tower and First Chester shareholders for this acquisition, which will provide significant growth and long-term value to employees, customers, shareholders, and the communities we serve.”

The combined organization will have approximately $2.7 billion in assets and include an increased branch network of 49 offices in central and southeastern Pennsylvania.

The parties also announced that upon completion of the transaction, the former First National Bank of Chester County branches will operate as a regional division of Tower’s bank subsidiary, Graystone Tower Bank, under the name, “1N Bank, a division of Graystone Tower Bank,” while maintaining the existing “1n” logo and brand.

During the initial integration period and until a division president is named, Jeff Renninger, Tower’s Chief Operating Officer, will lead the 1N Bank division team, with support from John A. Featherman III, as chairman and CEO of the 1N Bank division.

Additional regional executives include Dave Roland, SVP and commercial loan manager and Elizabeth Golding, SVP and retail executive.

The transaction is expected to close mid-December 2010, pending the satisfaction of customary closing conditions.

Tower Bancorp, Inc. is the parent company of Graystone Tower Bank, a full-service community bank operating 26 branch offices in central Pennsylvania and Maryland through two divisions, Graystone Bank and Tower Bank. With total assets of approximately $1.6 billion, Tower Bancorp has more than 300 employees.

First Chester County Corp. and its wholly owned subsidiary, First National Bank of Chester County, is a financial institution with $1.14 billion in assets and 23 branch offices located in Chester, Delaware, Lancaster and Cumberland counties.

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