Christiana Bank shareholders OK merger with National Penn

By Lisa Kerner

Charlotte, N.C., Dec. 14 - Christiana Bank & Trust Co. stockholders approved the company's acquisition by National Penn Bancshares, Inc., it was announced on Friday.

National Penn, the parent company of National Penn Bank, will acquire Christiana in a cash and stock deal valued at $56.5 million.

Christiana shareholders can elect to receive either $37.69 in cash or 2.241 shares of National Penn common stock for each share of Christiana Bank common stock held.

The closing date for the transaction is expected to be Jan. 4, according to a news release.

Following the closing, Christiana Bank will become a wholly owned subsidiary of National Penn, while retaining its name and Delaware chartered banking corporation status.

Located in Boyertown, Pa., National Penn is the holding company for National Penn Bank.

Christiana Bank, a banking corporation, is based in Greenville, Del.

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