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National Penn Pays $148M for Peoples Bank of Oxford

BOYERTOWN, PA-This is the financial company's second bank acquisition in 10 days. The purchase adds nine branches to the three obtained from HomeTowne Heritage Bank and expands National Penn to 74 area locations.

By Marita Thomas | Updated on December 19, 2003

BOYERTOWN, PA-Bank mergers and acquisitions throughout the eastern half of the state continue unabated. Locally based National Penn Bancshares acquired Peoples Bank of Oxford (PA) from Peoples First for approximately $148 million in a stock and cash transaction. This follows by 10 days, National Penn’s acquisition of HomeTowne Heritage Bank, which is based in Intercourse, PA.

Peoples First operates eight branches in Chester and Lancaster counties and one in Cecil County, MD. “This is a key acquisition for us,” says Wayne R. Weidner, chairman and CEO of National Penn, “because it helps us to expand our presence in southern Chester County and represents our first expansion into Maryland. It also allows us to immediately build upon our newly acquired HomeTowne Heritage franchise in Lancaster County.”

HomeTowne operates three branches in Lancaster County. Of that acquisition, Glenn E. Moyer, National Penn’s president, says, “(it) will provide us an excellent opportunity to increase market share in Lancaster County.”

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