Merger of Harleysville National, Willow Financial receives two more approvals

By Lisa Kerner

Charlotte, N.C., Nov. 18 - The Federal Reserve Board and the Pennsylvania Department of Banking approved Harleysville National Corp.'s acquisition of Willow Financial Bancorp, Inc., clearing the way for the transaction to close in early December.

The merger already has been approved by the Office of the Comptroller of Currency, the Office of Thrift Supervision and shareholders of both Harleysville National and Willow Financial.

"With the last of the approvals now received, we can move quickly to close the transaction," Harleysville National president and chief executive officer Paul D. Geraghty said in a company news release.

According to Geraghty, the acquisition will "transform Harleysville into a regional powerhouse."

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.