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Fidelcor Inc., IVB Financial Corp. to Merge
Beginning of article
PHILADELPHIA -- Fidelcor Inc., the $6.2 billion-asset parent of Fidelity Bank, and IVB Financial Corp., the $2.1 billion-asset parent of Industrial Valley Bank & Trust Co., said directors of the two firms approved a definitive merger agreement valued at $168 million.
Industrial Valley Bank would be merged into Fidelity Bank to form the biggest Philadelphia-based commercial bank, with 141 branches and deposits of $6.5 billion.
That would top the $4.6 billion in deposits of Philadelphia National Bank, a unit of CoreStates Financial Corp. The biggest institution here is Philadelphia Saving Fund Society, a diversified thrift with assets of around $16 billion. …
