LIBERTY FINANCIAL ANNOUNCES MERGER WITH EQUIMARK
Liberty Financial Group Inc, the
parent of Liberty Savings Bank said it has signed a definitive
agreement to be acquired by Equimark Corp <EQK>, the parent of
Equibank, for 48 dlrs a share of Liberty.
    The transaction is structured as a merger of Liberty with a
duly-formed unit of Equimark, the company said.
    Liberty shareholders will receive about 48 dlrs per share
uopn the merger, the company said.
    According to the companies, the acquisition is contingent
upon the approval of Liberty's shareholders and the appropriate
regulatory authorities.
   
    Liberty said the acquisition of its unit, Liberty Savings
Bank, by Equimark Corp, will result in the bank operating as a
separate wholly owned unit of Equimark.
    Charles Cheleden, chairman and president of Liberty
Financial and Liberty Savings, will continue as president and
chief executive officer of Liberty Savings, headquartered in
Horsham, Pa., the company said.
    Liberty said it feels that the price of 48 dlrs in cash per
share is attractive and that it has advised by Shearson Lehman
Brothers that the price is fair.
 Reuter
