District Court, E.D. Pennsylvania April 16, 1979, Civ. A. 78-4286 (Provident National Bank v. Frankford Trust Co.)

OPINION

LUONGO, District Judge.

This controversy centers around a loan participation agreement between the Provident National Bank (Provident) and the Frankford Trust Company (Frankford). The complaint enumerates five grounds for relief: (1) violations of the federal securities laws, specifically, sections 12 and 17(a) of the Securities Act of 1933 (15 U.S.C.