EXHIBIT 99


                          SUSQUEHANNA BANCSHARES, INC.
                      26 NORTH CEDAR STREET, P.O. BOX 1000
                              LITITZ, PA 17543-7000
                                 (717) 626-4721

FOR IMMEDIATE RELEASE:                                  Date:  December 27, 1999
Lititz. Pennsylvania


                         SUSQUEHANNA BANCSHARES, INC. TO
                   ACQUIRE VALLEY FORGE ASSET MANAGEMENT CORP.

     Susquehanna Bancshares, Inc., Lititz, Pennsylvania ("Susquehanna") (NASDAQ
NMS: SUSQ), announced that it has signed definitive agreements to acquire Valley
Forge Asset Management Corp. ("VFAM"), a Pennsylvania asset management
corporation registered both as a broker/dealer and as an investment advisor, and
Valley Forge Investment Company, Inc. ("VFICO"), its parent corporation, in cash
transactions.

     The acquisitions are subject to federal and state regulatory approval and
other conditions, as well as the approval of the shareholders of VFAM and VFICO.

     VFAM is headquartered in King of Prussia, Pennsylvania. The firm provides
investment advisory services for clients up and down the East Coast, and as far
west as California. As of December 17, 1999, it had $843 million in assets under
management. VFAM and its predecessors have provided investment advisory services
to its clients since 1970.

     The acquisition, which is expected to be completed in the first quarter of
2000, will represent Susquehanna's first acquisition of an investment advisory
services corporation and it will enable Susquehanna and its affiliates to offer
a broader range of investment advisory, asset management and brokerage services
to its customers.


     Robert S. Bolinger, President and CEO stated, "This is another major step
in accelerating Susquehanna's strategic direction of becoming a fully integrated
financial services company and is a win-win for all parties. VFAM will gain
access to Susquehanna's distribution system including trust, estate planning and
estate administration for its clients; Susquehanna's customers will be offered
additional investment opportunities from a provider with an excellent
performance and client retention record; VFAM should be an important source of
additional fee income for Susquehanna and the acquisition is expected to be
accretive to earnings in the first year."

     Susquehanna Bancshares, Inc., is a multi-state financial services holding
company composed of nine banks, one savings bank, a leasing company, a credit
life reinsurance company and a trust and investment company with combined assets
of approximately $4.3 billion. Through the 140 community banking offices of its
subsidiaries, Susquehanna provides financial services through Citizens National
Bank of Southern Pennsylvania, Greencastle, Pa.; Farmers & Merchants Bank and
Trust, Hagerstown, Md.; Farmers First Bank, Lititz, Pa.; First National Trust
Bank, Sunbury, Pa.; Williamsport National Bank, Williamsport, Pa.; First Capitol
Bank, York, Pa.; First American National Bank of Pennsylvania, Everett, Pa.;
Susque-Bancshares Leasing Co., Inc., Lititz, Pa.; Susque-Bancshares Life
Insurance Company, Lititz, Pa.; Susquehanna Trust & Investment Co., Lititz, Pa.;
Susquehanna Bancshares South, Inc., parent of Susquehanna Bank, Towson,
Maryland; and Susquehanna Bancshares East, Inc., parent of Equity Bank N.A.,
Marlton, New Jersey and Founders' Bank of Bryn Mawr, Pennsylvania.

     Investor information may be requested on our web-site at
http://www.susqbanc.com.
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For Further Information Contact:                    Robert S. Bolinger
                                                    President and CEO
                                                    SUSQUEHANNA BANCSHARES, INC.
                                                    (717) 626-4721