Printer Friendly

CENTRAL FINANCIAL CORP. AND NATIONAL PENN BANCSHARES ANNOUNCE AGREEMENTS

 SHAMOKIN and BOYERTOWN, Pa., Dec. 6 /PRNewswire/ -- Central Pennsylvania Financial Corp. (NASDAQ: CPSA) and National Penn Bancshares, Inc. (NASDAQ: NPBC) today jointly announced that their respective subsidiaries, Central Pennsylvania Savings Association, F.A. and National Penn Bank, have signed agreements providing for National Penn Bank's acquisition of a total of eight branches of Central Pennsylvania Savings Association, with approximately $129 million in deposits as of Oct. 31, 1993.
 The branches are located in Reading, Berks County; Allentown, Lehigh County; Quakertown and Warminster, Bucks County; Norristown, Fairview Village and West Point, Montgomery County; and in the Mount Airy section of Philadelphia.
 Under the terms of the agreements, National Penn Bank will pay an aggregate premium of approximately $2.36 million for the deposits to be acquired, subject to adjustment in certain circumstances as provided in the agreements. In addition, National Penn will acquire the owned branch facilities, all bank branch equipment and deposit-related loans, and assume the real estate leases for the leased branches.
 Ronald S. Faett, president and chief executive office of Central Pennsylvania Financial Corp., stated: "This sale will enable us to concentrate our business on our core operations in the central part of the State of Pennsylvania. We also intend to continue, as previously announced, to actively explore the sale of other selected offices as well as the company as a whole with Ryan Beck & Co., who was recently retained to assist with this process."
 Lawrence T. Jilk Jr., president and chief executive officer of National Penn Bancshares, stated: "Acquisition of these branches will complement our recent efforts to expand our franchise and strengthen existing branch operations. The three branches in Montgomery County, as well as the Warminster and Mt. Airy branches, all dovetail well with our new Chestnut Hill National Bank division. The Reading, Allentown and Quakertown branches buttress our present operations in those areas. This acquisition furthers our strategy of focusing our growth efforts on fill-in acquisitions in our existing marketplace or areas nearby."
 The purchase of the eight branches is subject to a number of conditions, including approvals by regulatory authorities. The transaction is expected to be consummated in the second quarter of 1994.
 As of Sept. 30, 1993, the assets, deposits and equity capital of Central Pennsylvania Financial Corp. were approximately $443 million, $375 million and $33.6 million, respectively. Central Pennsylvania Savings continues to meet and exceed all OTS required regulatory capital levels.
 /delval/
 -0- 12/6/93
 /CONTACT: Ronald S. Faett or Frank J. Fendt, 717-644-0861, for Central Pennsylvania Financial Corp/


CO: Central Pennsylvania Financial Corp.; National Penn Bancshares,
 Inc. ST: Pennsylvania IN: FIN SU:


MJ-JM -- PH041 -- 1008 12/06/93 17:58 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 6, 1993
Words:442
Previous Article:TEXACO: ENVIRONMENTAL RECORD DOES NOT JUSTIFY CEP RATING
Next Article:THORN EMI NORTH AMERICA, INC., AND MICRON TECHNOLOGY INC., ANNOUNCE SETTLEMENT OF PATENT SUIT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters