Completing Acquisition of First Chester County Corporation by Tower Bancorp!
Tower Bancorp, Inc. ("Tower") (Nasdaq:TOBC) announced freshly that it completed its previously announced acquisition of First Chester County Corporation ("First Chester") (Nasdaq:FCEC), creating a community banking organization with approximately $2.7 billion in total assets, $2.3 billion in deposits, and a branch network of 49 offices in central and southeastern Pennsylvania and Maryland.
"We are delighted with the closing of this transaction and look forward to moving ahead as a stronger, unified organization, building sustained value for our key stakeholders," said Andrew Samuel, Chairman and CEO of Tower Bancorp, Inc.
John A. Featherman, III, Chairman, CEO and President of First Chester continued, "By joining organizations with similar cultures and local community focus, we've created a bank with improved access and greater convenience that offers more choices for our customers. We look forward to capitalizing on the tremendous opportunity ahead and to build on our complementary strengths and bring better banking and wealth management services to all of our local communities."
Under the terms of the merger agreement, each share of First Chester common stock will be exchanged for 0.356 shares of Tower common stock. The all-stock transaction is valued at approximately $49.5 million based on Tower's closing share price of $22.03 on December 9, 2010.
With completion of the merger, the former First National Bank of Chester County locations in Chester County will operate as a division of Graystone Tower Bank, leveraging the bank's recognizable orange brand under a new name, 1N Bank. Tower Chief Operating Officer Jeff Renninger will lead the 1N Bank division team during the initial integration period until a division president is named, with support from John A. Featherman, III as Chairman and Chief Executive Officer of the 1N Bank division, and executives Dave Roland, SVP and Commercial Loan Manager, and Elizabeth Golding, SVP and Retail Executive.
"The transition to 1N Bank offers an opportunity to build on an identity that's already well-established and well-received, in many of our communities," said Featherman. "Our new name builds on the brand we have established and embraces our 147-year legacy as First National. All of our Chester County branch locations will maintain the orange logo and bank colors, where customers can expect to receive the same high-quality service for which the bank has always been known."
About Tower Bancorp, Inc.
Tower Bancorp, Inc. is the parent company of Graystone Tower Bank, a full-service community bank operating 26 branch offices in central Pennsylvania and Maryland through two divisions, Graystone Bank and Tower Bank. With total assets of approximately $1.6 billion, Tower Bancorp's unparalleled competitive advantage is its more than 300 employees and a strong corporate culture paired with a clear vision that provides customers with uncompromising service and individualized solutions to every financial need. Tower Bancorp's common stock is listed on the NASDAQ Global Market under the symbol "TOBC."
More about TOBC at: www.towerbancorp.com
GreenHouse Holdings, Inc. (OTCQB :GRHU) ("GreenHouse"), is a San Diego, California based integrator of some of the world's most innovative environmental, public safety, infrastructure technologies. GreenHouse provides systems that are financially sound and sustainable to residential, commercial, industrial and government markets around the globe. GreenHouse provides energy-efficiency products, energy management systems, eco-friendly infrastructure, scalable waste-to-fuel bio-fuel and closed loop systems, as well as other proprietary technologies and products that are utilized to provide a greener and safer future for millions of people. Other flagship products and solutions include the Green Village, R.A.P.S., and One Link.
GRHU has announced the results of operations for the third quarter of Fiscal Year 2010 and is providing a shareholder update.
2010 Operational Highlights:
* Acquired Life Protection Inc., (NYSE:LPI) a subsidiary that provides innovative training, support, design and construction of facilities and services to meet the needs of the U. S. Government, military, and law enforcement agencies.
* Signed multiple contract awards for its Life Protection (LPI) Governmental Services Division, totaling $6 million.
o The governmental contracting entities include the U.S. Marine Corps School of Dynamic Entry in Quantico, VA and the U.S. Army Schofield Barracks Range Support in Honolulu, HI.
* Announced that PepsiCo will partner with GreenHouse to utilize Southern California Edison's Automated Demand Response program at its Buena Park bottling plant.
* Signed Letter of Intent to acquire Control Engineering, Inc (NYSEMKT:CEI). Headquartered in Costa Mesa, California and serving clients globally, CEI provides turnkey automation and control solutions including engineering, installation and integration services.
o Experts in multiple technologies and applications, CEI's client base includes recognizable brands from a wide range of industries including pharmaceutical, food, and beverage, utility, military and consumer goods.
* Shareholder's equity increased to $2.9 million from a deficit of approximately $2 million as of 12/31/09.
* The Company is completing the necessary steps to Up-List its shares to a senior U.S. stock exchange.
o In order to facilitate the transition, GreenHouse established an independent board and appointed PKF, a nationally recognized accounting firm, as their SEC auditors.
GRHU has retained Rubenstein Public Relations to generate media exposure for the company's efficient and environmentally sustainable innovations.
John Galt, Executive Chairman of GreenHouse Holdings, declared: "As a sustainable solutions integrator, we deliver world-class products and systems to a diverse clientele, ranging from single households to industries, communities and entire countries."
Recently, Emissary Capital Group LLC Reaffirmed $7 price objective on GRHU .
To read the complete report, click here: http://pennyomega.com/img/GRHU_update_101810%20%282%29.pdf
Emissary Capital Group, LLC. is a New York City-based company that provides strategic consulting and research services to public emerging growth companies.
The firm also provides a diversified array of services to small and medium sized private companies, generally defined as those with annual revenues under $200 million, in order to assist them to become publicly traded companies in the U.S.
More about GRHU at: www.greenhouseintl.com
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