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Harleysville Buys East Penn Bank for $93M

HARLEYSVILLE, PA-Harleysville National Bank gains nine branches, taking its total to 55 and doubling its branch presence in the Lehigh Valley.

By Marita Thomas | Updated on May 17, 2007

HARLEYSVILLE, PA-Harleysville National Corp. has signed a definitive agreement to acquire Emmaus-based East Penn Financial Corp. At the time the agreement was reached, the transaction was valued at $92.7 million, based on payment of approximately $14.50 per share for East Penn stock.

The actual price, however, will depend on factors that include the price of Harleysville National’s stock at the close of the transaction, which is expected to occur this fall. According to the agreement, the price will be no less than $86.3 million and no more than $99.1 million.

East Penn operates nine branches in Lehigh, Northampton and Berks counties. Under the agreement, East Penn will merge into and become a division of Harleysville National. Brent Peters, chairman, president and CEO of East Penn, will continue as president and executive officer of HNC’s East Penn division. East Penn Bank will continue to operate under its current name. In addition, nine existing Harleysville National Bank branches in Lehigh, Northampton, Monroe and Carbon counties will be transferred to that division and take on the East Penn Bank name and logo.

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