KNBT Bancorp, National Penn merger clears regulatory hurdle

By Lisa Kerner

Charlotte, N.C., Dec. 21 - The Office of the Comptroller of the Currency approved the pending merger of KNBT Bancorp, Inc.'s Keystone Nazareth Bank & Trust Co. with and into National Penn Bank, which is a subsidiary of National Penn Bancshares, Inc.

National Penn and KNBT shareholders approved the merger at separate meetings on Dec. 17, according to a company news release.

The closing of the parent company merger is expected to occur on Feb. 1, with the merger of the two banks slated to close on Feb. 2.

As previously reported on Sept. 7, National Penn and KNBT agreed to merge in a transaction valued at some $464.4 million, or $17.31 per KNBT share, to create the fifth-largest Pennsylvania-based bank holding company based on total assets.

KNBT will merge with and into National Penn, with National Penn being the surviving entity based in Boyertown, Pa.

National Penn is a financial services company with $5.62 billion in assets and 81 offices in Pennsylvania.

Bethlehem, Pa.-based KNBT is a financial services company with $2.9 billion in assets.

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