Pennsylvania-based First Resource Bank completes reorganization

Exton, Pa.-based First Resource Bank completed its reorganization as a wholly owned subsidiary of First Resource Bancorp Inc., effective May 11.

The bank's shareholders approved the reorganization April 27.

Pursuant to the reorganization, each existing shareholder of First Resource Bank will receive an equal number of shares of First Resource Bancorp common stock in exchange for their bank stock. First Resource Bancorp common stock continues to trade on the OTCQX marketplace under the symbol FRSB, and stockholders have the same rights and ownership percentage in the new holding company as they currently have in the bank.

The bank's current operations will remain unaffected by the formation of the holding company, and there will be no changes to the company's headquarters or management, according to a news release.