National Penn Bancshares to buy Christiana
National Penn Bancshares will acquire Christiana Bank & Trust Co. for about $56.5 million in stock and cash.
National Penn Bancshares Inc. will acquire Christiana Bank & Trust Co. for about $56.5 million in stock and cash.
Under the terms of the deal, shareholders of Wilmington, Del.-based Christiana said they will receive 2.176 shares of Boyertown, Pa.-based National Penn stock or $37.69 in cash per share.
The exchange ratio will be subject to National Penn’s stock price.
According to the agreement, Christiana will operate as a wholly owned subsidiary of National Penn and will keep its status as a Delaware chartered banking corporation.
The acquisition is expected to close in the first quarter of 2008.
National Penn said that the merger is expected to add to earnings in the second full year of combined operations.
All present members of Christiana Bank & Trust’s board are expected to continue as directors of the company after the merger, with National Penn naming additional members upon the closing of the deal.
Boyertown, Pa.-based National Penn has $5.52 billion in assets and operates 80 branches in Pennsylvania.
Christiana has $2.8 billion trust assets under administration, which includes $350 million in assets under management.
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