Merger of Harleysville National, East Penn Financial nears completion

By Lisa Kerner

Charlotte, N.C., Nov. 5 - East Penn Financial Corp. shareholders approved the company's acquisition by Harleysville National Corp. at a special meeting on Thursday.

The merger is expected to be effective on or about Nov. 16, a company news release stated.

It was previously reported that East Penn Financial agreed to merge with and into Harleysville National in a transaction valued at $92.7 million, or about $14.50 per share. The companies' definitive agreement also calls for East Penn Financial's wholly owned subsidiary, East Penn Bank, to merge with and into Harleysville National Bank and Trust Co.

The final per-share price will be determined based on a formula that includes the average per-share value of Harleysville National stock during the 20-day period ending 11 days prior to closing. East Penn Financial shareholders may elect to receive either cash or Harleysville National shares.

Harleysville National, located in Harleysville, Pa., is the holding company for Harleysville National Bank.

East Penn Financial is a bank holding company based in Emmaus, Pa.

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