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Article: Community Banks, Inc. and Glen Rock State Bank Announce Definitive Agreement.
- Article from:
- PR Newswire
- Article date:
- November 8, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MILLERSBURG and GLEN ROCK, Pa., Nov. 8 /PRNewswire/ --
Community Banks, Inc. (Amex: CTY) and Glen Rock State Bank (OTC Bulletin Board: GLRO) jointly announced the signing of a definitive agreement providing for the acquisition by CTY of all the common stock of Glen Rock and for Glen Rock to merge into Peoples State Bank (PSB), a wholly owned bank subsidiary of CTY. Under the terms of the agreement, shareholders of Glen Rock will receive .900 shares of CTY common stock for each share of Glen Rock outstanding in a tax-free exchange anticipated to be accounted for as a pooling of interests. Based on CTY's closing bid yesterday of $21.125, the shares of CTY to be ...