Resource Bank Merges with Pennsylvania Firm

Resource Bank Merges with Pennsylvania Firm

ResourceBankshares Corp., the Virginia Beach-based financial institution with a branch on Elden Street, has merged with another financial corporation in Pennsylvania, but customers and employees shouldn't notice a difference.

The merger with Fulton Financial Corp. was announced Aug. 25 and is expected to take six months to be completed, said Lu Ann Klevecz, investor relations for Resource Bank.

"There will be no impact at all. ResourcesBankshares is a whole owned company and will be a subsidiary of Fulton Financial," Klevecz said. "The name will stay the same. There will be no change of people."

Fulton has a tradition of allowing its subsidiaries to keep their own name and to maintain their identity within the community, said Klevecz. Customers of Resource Bank will not see a reduction of services, she said, however there is the possibility of more services being added once the merger is complete.

"It's not like your typical merger," Klevecz said.

According to the Resource Bankshare's Web site, Resource Bank was established in 1988 and has six banking offices in Virginia Beach, Chesapeake, Newport News, Richmond and Herndon. In addition it has 14 loan and mortgage offices in Virginia, North Carolina, Maryland and Florida. It has total assets exceeding $700 million.

Fulton Financial has assets totaling $9.2 billion and is the second largest commercial bank holding company based in the Third Federal Reserve District. It has 199 banking offices in Pennsylvania, Maryland, Delaware and New Jersey.