Christiana is now a wholly owned subsidiary of National Penn, retaining its name and status as a Delaware-chartered banking corporation.
According to the agreement, 80% of Christiana shares will be exchanged for shares of National Penn common stock and the remaining 20% will be exchanged for cash. Upon completion of the acquisition, National Penn now has approximately $5.9 billion in assets and approximately $7.1 billion in trust assets under administration or management.
Glenn Moyer, president and CEO of National Penn, said: We are very pleased to welcome Christiana to the National Penn corporate family. With its excellent leadership, customer-focused culture and Delaware presence, we expect Christiana to be a valuable contributor to our organization as we move forward.
