Tower-First Chester delay merger

Tower Bancorp Inc. and First Chester County Corp. said the completion of their merger, announced in December, had been delayed by First Chester's effort to restate last year's financial results.

The deal is now expected to close in the third quarter, instead of in the second.

Tower, of Harrisburg, agreed to pay $64 million for First Chester, which is based in West Chester and was under orders from regulators to boost its capital when it agreed to the sale.

The deal has been approved by the Pennsylvania Department of Banking and by the Federal Deposit Insurance Corp., the banks said.    - Harold Brubaker