Fulton Financial Corp. consolidates two subsidiaries

Lancaster-based Fulton Financial Corp., a financial holding company, completed the consolidation of two subsidiary banks Sept. 14.

Eighteen Lafayette Ambassador Bank locations and 31 Columbia Bank locations were rebranded as Fulton Bank. There will be no job losses, according to a Fulton spokeswoman, and customers will have access to the same services and products.

The consolidation completes chairman and CEO E. Philip Wenger’s vision of consolidating the company’s six subsidiary banks into Fulton Bank. Consolidation simplifies operations and regulatory reporting by creating a unified brand.

The Office of the Comptroller of the Currency gave its approval June 12 for the consolidation. The approval followed the termination of a regulatory order against Fulton.

In 2014, orders were placed against the six bank subsidiaries for deficiencies in anti-money laundering compliance programs and related to the Bank Secrecy Act. All of the orders were eventually terminated.

For the first time in five years, Fulton is permitted to pursue mergers and acquisitions. It opened a new branch in Philadelphia earlier this year and plans to open one in Baltimore.

Fulton Financial Corp. has 225 branches, 64 in the Philadelphia region and 54 in the Lehigh Valley, Lancaster and Berks counties. The company also has branches in Southeastern Pennsylvania, Delaware, Maryland, New Jersey, and Virginia.