In addition, KNBT’s banking subsidiary, Keystone Nazareth Bank & Trust Company, is being merged into National Penn’s banking subsidiary, National Penn Bank. National Penn and National Penn Bank remain headquartered in Boyertown, Pennsylvania.
As a result of the National Penn/KNBT merger, each share of KNBT common stock has been converted into the right to receive 1.03 shares of National Penn common stock. Based on this exchange ratio National Penn and KNBT shareholders immediately prior to the merger will own approximately 65% and 35% of the combined company, respectively, after the merger is complete.
Glenn Moyer, president and CEO of National Penn, said: We believe that the timing is right for the merger of two such similarly- focused organizations. Despite growing challenges for our industry, National Penn has reported record earnings. With our new partnership with KNBT, we will work toward continued strong performance by creating an organization that is even more efficient and customer-focused than each of our individual companies was before.
