Shareholders approve merger of National Penn, KNBT

By Lisa Kerner

Charlotte, N.C., Dec. 17 - National Penn Bancshares, Inc. shareholders and KNBT Bancorp, Inc. shareholders approved a merger of the two companies at separate meetings on Monday.

KNBT will merge with and into National Penn, with National Penn surviving the merger and continuing to be based in Boyertown, Pa., a company news release stated.

National Penn shareholders cast 30,367,681 votes in favor of the merger, or 97.7% of the total votes cast.

KNBT shareholder cast more than 17 million votes in favor of the merger, or 95.2% of the total votes cast.

The merger is slated to close on Feb. 1.

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.

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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