EXHIBIT 99
SUSQUEHANNA BANCSHARES, INC.
26 NORTH CEDAR STREET, P.0. BOX 1000
LITITZ, PA 17543-7000
(717) 626-4721
JOINT PRESS RELEASE Date: July 18, 1996
FOR IMMEDIATE RELEASE:
Lititz, Pennsylvania
SUSQUEHANNA BANCSHARES, INC., A $3 BILLION MULTI-STATE
BANK HOLDING COMPANY TO ACQUIRE TWO NEW JERSEY
INSTITUTIONS WITH OVER $275 MILLION IN ASSETS.
Susquehanna Bancshares, Inc., Lititz, Pennsylvania (Susquehanna) (NASDAQ
NMS: SUSQ), jointly announced today with each of Farmers Banc Corp., Mullica
Hill, New Jersey (FBC) and Atcorp, Inc., Marlton, New Jersey (AI), the execution
of definitive acquisition agreements. Pursuant to the definitive agreement with
FBC, Susquehanna will acquire Farmers National Bank (FNB), a national banking
association with $83 million in assets as of 3/31/96. Pursuant to the
definitive agreement with AI, Susquehanna will acquire Equity National Bank
(ENB), a national banking association with $189 million in total assets as of
3/31/96. Each of these national banking associations exceeds all applicable
regulatory capital requirements.
Susquehanna will acquire FBC and its subsidiaries for approximately 692,620
shares of Susquehanna common stock, representing approximately $63.01 per share
for each FBC fully diluted share. Susquehanna will acquire AI and its
subsidiaries for approximately 771,750 shares of Susquehanna common stock,
representing approximately $27.63 per share for each AI fully diluted share.
The acquisitions are subject to federal and state regulatory approvals as
well as approval of the shareholders of FBC and the shareholders of AI.
These transactions represent Susquehanna's first foray into New Jersey.
Susquehanna presently owns four banks in Pennsylvania with $1.6 billion in
assets and a bank and three savings banks in Maryland with $1.4 billion in
assets. FBC is traded on the over-the-counter market; AI is traded on the over-
the-counter market also, under the symbol ATTS. Their acquisition is expected
to qualify for pooling-of-interests accounting treatment.
On a pro forma consolidated basis, as a result of these transactions
announced today, Susquehanna's assets will increase from $3.0 billion to $3.3
billion.
Susquehanna became the first holding company to own banks in both
Pennsylvania and Maryland when it acquired Farmers & Merchants Bank and Trust,
Hagerstown, Maryland in 1989. Its venture into New Jersey is consistent with
Susquehanna's strategy of acquiring successful, community-oriented banks in the
mid-Atlantic region. Robert S. Bolinger, President and Chief Executive Officer
of Susquehanna stated that "our experiences in serving the people, companies and
communities in Maryland and Pennsylvania have encouraged us to expand into
similar markets in New Jersey. We are delighted that Farmers National Bank and
Equity National Bank have agreed to join the Susquehanna family. By working
together under our community banking concept, we will be able to provide
commercial banking and trust services to the markets and customers of Farmers
National Bank and Equity National Bank." Joseph H. Doble, President of FBC and
FNB, Marc L. Reitzes, Chairman and C.E.O. of AI, Michael M. Quick, President and
C.O.O. of AI and Mr. Bolinger joined together noting "We believe these
acquisitions will inure
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to the benefit of all parties. Even more importantly, we expect the communities
and customers to benefit as we continue to provide the quality banking services
that all of our customers have come to expect and appreciate, delivered in a
friendly, personalized manner by local people through a network of 10 financial
institutions with 112 community banking offices."
Susquehanna Bancshares, Inc. is the holding company for Atlantic Federal
Savings Bank, Baltimore, Md.; Citizens National Bank of Southern Pennsylvania,
Greencastle, Pa.; Fairfax Savings, AFSB, Baltimore, Md.; Farmers & Merchants
Bank and Trust, Hagerstown, Md.; Farmers First Bank, Lititz, Pa.; First National
Trust Bank, Sunbury, Pa.; Reisterstown Federal Savings Bank, Reisterstown, Md.;
Williamsport National Bank, Williamsport, Pa.; Susque-Bancshares Life Insurance
Company, Lititz, Pa.; and Susque-Bancshares Leasing Co., Inc., Lititz, Pa.
Susquehanna Bancshares, Inc.'s common stock is listed on the NASDAQ
National Market System under the symbol SUSQ. Susquehanna member banks now have
106 community banking offices throughout central Pennsylvania and Maryland.
For Further Information Contact: Robert S. Bolinger
President and C.E.O.
SUSQUEHANNA BANCSHARES, INC.
Office: (717) 626-4721
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