Christiana Bank & Trust will become a wholly owned subsidiary of National Penn Bancshares retaining its name and status as a Delaware-chartered banking corporation. The acquisition is expected to further diversify National Penn’s revenue base, add a growing business to the company’s network of banks and financial services and provide National Penn with a geographical presence in Delaware, known for its favorable tax and legal environment. Closing is anticipated to occur January 4, 2008.
In the acquisition, Christiana stockholders may elect to exchange each of their shares of Christiana common stock for either $37.69 in cash or 2.241 shares of National Penn common stock, as provided in the merger agreement. The elections of Christiana stockholders are further subject to allocation procedures that are intended to result in the exchange of 20% of the Christiana shares for cash and the remaining 80% for shares of National Penn common stock.
