EXHIBIT 99.1
PRESS RELEASE
Contact: John E. Stefan
(717) 581-6030
STERLING FINANCIAL CORPORATION AND HANOVER BANCORP, INC.
COMPLETE AFFILIATION TRANSACTION
LANCASTER, PA, July 27 -- Sterling Financial Corporation (NASDAQ: SLFI) is
pleased to announce the consummation of the merger with Hanover Bancorp, Inc.,
parent company of Bank of Hanover & Trust Company, headquartered in Hanover,
York County, Pennsylvania. Shareholders of Hanover Bancorp, Inc. received .93
shares of common stock of Sterling Financial Corporation for each share of
Hanover Bancorp, Inc. common stock held as of record on July 27, 2000. A
total of 3,733,342 shares of common stock will be issued by Sterling Financial
Corporation in connection with this transaction.
The affiliation was completed pursuant to an Agreement and Plan of
Merger dated January 25, 2000. Shareholders of Hanover Bancorp, Inc. approved
the Agreement at the Annual Meeting of Shareholders held on June 14, 2000.
Sterling Financial shareholders had approved the Merger at their Annual Meeting
on June 13, 2000. The Agreement provides for Bank of Hanover & Trust Company
to become a wholly owned subsidiary of Sterling Financial Corporation.
John E. Stefan, Chairman, President and Chief Executive Officer of
Sterling Financial Corporation said, "We are extremely pleased to have Bank of
Hanover & Trust Company join our banking family, and are confident that the
affiliation will be beneficial to the consumers and businesses in Adams and
York counties. Additionally, we view this partnership as an opportunity for
Sterling Financial Corporation to further the ideals of community banking in
other local markets. We will continue to support the relationship building
activities at Bank of Hanover & Trust Company through existing deposit,
lending and investment initiatives, and look forward to introducing new
financial products and services, such as insurance and leasing. Sterling
Financial Corporation looks forward with great anticipation to becoming a
part of these vibrant communities."
"The affiliation will have a positive effect on the communities we
serve because both organizations have the same philosophy toward personal
customer service," said Terrence L. Hormel, Chairman of Hanover Bancorp.
"Bank of Hanover & Trust Company will continue to operate as a community
bank and our customers will continue to have familiar faces wait on them
when conducting their banking business."
As of July 27, 2000, Sterling Financial Corporation is a multi-bank
holding company with three wholly owned subsidiaries -- Bank of Lancaster
County, N.A., First National Bank of North East, and Bank of Hanover & Trust
Company. Total assets of Sterling Financial Corporation now exceed $1.6
billion. Bank of Lancaster County, N.A. serves its marketplace via a network
of 30 community banking offices located throughout Lancaster County,
Pennsylvania and one office in Chester County, Pennsylvania. First National
Bank of North East operates three full-service banking offices and one
drive-through facility in Cecil County, Maryland. Bank of Hanover & Trust
Company serves its marketplace via a network of 12 community banking offices
located throughout Adams and York counties.
