Search
 

National Penn Bank To Take KNBT for $465M

BOYERTOWN, PA-Following its June acquisition of Christiana, National Penn makes a far larger move that will add 56 branches in six Pennsylvania counties.

By Marita Thomas | Updated on September 11, 2007

BOYERTOWN, PA-National Penn Bancshares Inc. has signed a definitive merger agreement to acquire Bethlehem-based KNBT Bancorp Inc. in a transaction valued at approximately $464.6 million. This will add 56 KNBT and Keystone Nazareth Bank & Trust Co. branches in Lehigh, Northampton, Carbon, Monroe, Luzerne and Schuylkill counties to National Penn’s existing 81 branches in Pennsylvania.

This follows locally based National Penn’s June 27 agreement to acquire Greenville, DE-based Christiana Bank & Trust Co. for about $56.5 million in a transaction that is expected to close in early 2008. Under the agreement with KNBT, that company’s locations will retain their names and National Penn’s branches in Lehigh and Northampton counties will be rebranded under the KNBT name. There are now three such National Penn locations in Northampton and six in Lehigh County.

National Penn has slightly more than $5.6 billion in assets, and KNBT has $2.9 billion. The merger will make National Penn the fifth largest Pennsylvania-based bank holding company. It now operates under five divisions and identities: National Penn Bank, FirstService Bank, HomeTowne Heritage Bank, Nittany Bank and Peoples Bank of Oxford. As with previous National Penn acquisitions, the two Christiana locations, one each in Greenville and Wilmington, DE, will retain the Christiana flag.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.