Exhibit 99.1
[COMMONWEALTH BANCORP, INC. LOGO]
For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
Commonwealth Bancorp, Inc.
(610) 313-2189
COMMONWEALTH BANCORP, INC. COMPLETES
SALE OF TWO BRANCH OFFICES
Norristown, PA, September 8, 2000 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that its wholly-owned subsidiary, Commonwealth Bank, completed
the sale of two branches in Lehigh County, Pennsylvania to Nazareth National
Bank & Trust Company, a wholly-owned subsidiary of First Colonial Group, Inc.
(NASDAQ: FTCG).
As of June 30, 2000, the two branches had combined deposits of approximately
$9 million. In addition to the deposits, the two branches had approximately
$4 million of consumer loans as of June 30, 2000.
Commonwealth Bancorp, Inc., with consolidated assets of $1.9 billion, is the
holding company for Commonwealth Bank, which has 60 branches throughout
southeast Pennsylvania after completion of this transaction. ComNet Mortgage
Services, a division of Commonwealth Bank, has offices in Pennsylvania,
Maryland and New Jersey. ComNet also operates under the trade name of
Homestead Mortgage in Maryland.
COMMONWEALTH BANCORP, INC.
Mailing Address: P.O. Box 2100, Valley Forge, PA 19482-2100
Shipping Address: 2 West Lafayette Street, Norristown, PA 19401-4758
610-313-1600
