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National Penn To Buy Christiana for $57M

BOYERTOWN, PA-While the acquisition adds just two bank branches to National Penn's 81, it builds on wealth management business in Delaware.

By Marita Thomas | Updated on June 27, 2007

BOYERTOWN, PA-National Penn Bancshares Inc., the parent of National Penn Bank, has signed a definitive agreement to acquire Greenville, DE-based Christiana Bank & Trust Co. in a transaction valued at $56.5 million. It will mark National Penn’s first foray into Delaware, which Glenn Moyer, president and CEO of National Penn, described as “attractive,” citing that state’s “favorable tax and legal environment for businesses and individuals,” during a conference call.

Christiana operates just two branches, one in Greenville and the other in Wilmington. They will continue to operate under the Christiana name, and Zissimos Frangopoulos, its current president and CEO, and Thomas Campbell, EVP of trusts, will retain their posts. This is consistent with previous National Penn acquisitions.

The locally based financial company now operates 81 branches under five divisions: FirstService Bank, Home Towne Heritage Bank, Nittany Bank, the People’s Bank of Oxford in addition to National Penn Bank. Of the total, 80 are in Pennsylvania and one is in Maryland.

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