Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Harleysville National Corp. > News item |
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.