Harleysville National, Willow Financial merger on track to close in December with latest approval

By Lisa Kerner

Charlotte, N.C., Oct. 3 - The Office of the Comptroller of Currency approved the proposed merger of Harleysville National Bank and Trust Co. and Willow Financial Bank, it was announced on Friday.

Harleysville said the Office of Thrift Supervision has also not objected to the transaction.

Approvals are also expected from the Federal Reserve Board and the Pennsylvania Department of Banking for the merger of bank holding companies Harleysville National Corp. and Willow Financial Bancorp, Inc.

The transaction is expected to close in early December, according to a Harleysville news release.

Harleysville National Corp. and Willow Financial Bancorp shareholders approved the merger on Sept. 9.

In May, Harleysville National and Willow Financial agreed to merge in a deal valued at approximately $162 million, or $10.28 per Willow Financial share.

Each share of Willow Financial common stock will be exchanged for 0.73 shares of Harleysville National common stock, it was previously reported.

Harleysville National is the holding company for Harleysville National Bank and Trust and its division, East Penn Bank. The company is based in Harleysville, Pa.

Willow Financial, based in Wayne, Pa., is the holding company for Willow Financial Bank.

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