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Northeast Pennsylvania Financial Corp., 12 E. Broad St., Hazleton, PA 18201
(570) 459-3700
NEWS RELEASE
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*FOR IMMEDIATE RELEASE*
NORTHEAST PENNSYLVANIA FINANCIAL CORP. COMPLETES ACQUISITION OF
SECURITY OF PENNSYLVANIA FINANCIAL CORP.
HAZLETON, PENNSYLVANIA - November 10, 2000, Northeast Pennsylvania Financial
Corp. (AMEX:NEP) ("Northeast"), Hazleton, Pennsylvania, the holding company for
First Federal Bank, announces that as of the close of business today, the
acquisition of Security of Pennsylvania Financial Corp. (AMEX:SPN) ("Security"),
Hazleton, Pennsylvania, the holding company of Security Savings Association of
Hazleton, with and into Northeast will be completed. E. Lee Beard, President and
Chief Executive Officer of Northeast commented, "We are very excited about the
acquisition of a community-oriented institution. Its complementary strategies,
customers and markets make this a natural fit. We look forward to continuing to
emphasize the personal service and community banking focus that our customers
appreciate."
In accordance with the merger agreement, Security stockholders will receive
$17.50 per share in cash for each share of Security stock they own. The
transaction will be accounted for as a purchase for financial accounting
purposes. Security stockholders will soon receive instructions on the cash
exchange for Security common stock.
Northeast is the holding company of Abstractors, Inc., a title insurance
agency, Northeast Pennsylvania Trust Co., and First Federal Bank, which serve
greater Northeastern and Central Pennsylvania through thirteen full service
office locations and a loan production office. At September 30, 2000, Northeast
had total assets of $637.1 million, total deposits of $413.2 million and total
stockholders' equity of $73.0 million. At September 30, 2000, Security had total
assets of $135.3 million, total deposits of $97.8 million and total
stockholders' equity of $19.7 million.
Statements contained in this news release, which are not historical facts,
are forward-looking statements, as the term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include, but
are not limited to, factors discussed in documents filed by the Company with the
Securities and Exchange Commission from time to time.
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