EX-99.1
2
ex99-1.htm
PRESS RELEASE
ex99-1.htm
Exhibit 99.1
FOR
IMMEDIATE RELEASE
CONTACT:
Paul
D. Geraghty, President and CEO
PHONE:
215-513-2391
HARLEYSVILLE
NATIONAL CORPORATION COMPLETES ACQUISITION OF WILLOW FINANCIAL
BANCORP
Harleysville,
PA - December 5, 2008
- Harleysville National Corporation (NASDAQ: HNBC)
announced today that it has completed the acquisition of Willow Financial
Bancorp, Inc. (NASDAQ: WFBC). Under the terms of the merger
agreement, Willow Financial Bancorp has been acquired by Harleysville National
Corporation and Willow Financial Bank, a $1.6 billion savings bank with 29
branch offices in Southeastern Pennsylvania, has merged with and into
Harleysville National Bank. These transactions were effective after
market close today.
"Completion
of the Willow Financial acquisition is consistent with our stated plan to
strategically grow through disciplined in-market expansion", said Paul D.
Geraghty, President and Chief Executive Officer of Harleysville National
Corporation. "We are now the third-largest bank holding company
headquartered in Southeastern Pennsylvania, and our customers will benefit from
an expanded branch footprint, technological enhancements, a broader product
base, and a higher legal lending limit. The transaction drives
shareholder value by providing the opportunity to deliver $15 - $20 million of
synergies and accretion to earnings per share in 2009. We welcome
Willow Financial customers, shareholders, and employees to the Harleysville
family."
As part
of the agreement, which maintained all Willow Financial Bank branches and
corresponding front line staff, Willow offices have been rebranded as
Harleysville National Bank. Donna Coughey, President and Chief
Executive Officer of Willow Financial, continues with Harleysville as Executive
Vice President. She will play a key role in the corporation's
strategic initiatives, while leading efforts to bridge relationships and drive
growth within the Willow customer base and the Chester County market. Two Willow
Financial Bancorp directors, James E. McErlane and John J. Cunningham, III, will
join the Harleysville National Corporation Board of Directors.
With the
addition of Willow Financial's 29 branch offices, the banks' combined customers
have access to over 84 locations throughout nine counties in
Pennsylvania. Customers of both banks now have an expanded menu of
products and services such as investment management, financial planning, trust
and custom credit solutions offered by Harleysville National Bank's Millennium
Wealth Management division and compensation; insurance and estate planning
through Cornerstone Advisors; and employee benefits plan consulting through
BeneServ. They will also have access to over 37,000 surcharge-free
ATMs worldwide.
Based on
the terms of the merger agreement Willow Financial shareholders will receive
0.73 shares of Harleysville National Corporation common stock for each share of
Willow Financial common stock they hold.
Harleysville National
Corporation was advised by Janney Montgomery Scott LLC and Bybel Rutledge
LLP. Willow Financial Bancorp's financial advisor was Sandler O'Neill
and Partners, L.P. and its legal counsel was Dechert
LLP.
Harleysville
National Corporation, with assets of $5.5 billion, is the holding company for
Harleysville National Bank (HNB) and its division, East Penn Bank. Investment
Management and Trust Services are provided through Millennium Wealth Management
and Cornerstone, divisions of HNB, with assets under management of $2.7 billion.
Harleysville National Corporation stock is traded under the symbol "HNBC" and is
commonly quoted on the NASDAQ Global Select Market
®
. For
more information, visit the Harleysville National Corporation Web site at
http://www.hncbank.com/
.
# #
#
This
press release may contain forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Actual results and trends could differ
materially from those set forth in such statements due to various factors. Such
factors include the possibility that increased demand or prices for the
Corporation's financial services and products may not occur, changing economic
and competitive conditions, technological developments, and other risks and
uncertainties, including those detailed in the Corporation's filings with the
Securities and Exchange Commission.

EX - 99 . 1 2 ex99 - 1 . htm PRESS RELEASE ex99 - 1 . htm Exhibit 99 . 1 FOR IMMEDIATE RELEASE CONTACT : Paul D . Geraghty , President and CEO PHONE : 215 - 513 - 2391 HARLEYSVILLE NATIONAL CORPORATION COMPLETES ACQUISITION OF WILLOW FINANCIAL BANCORP Harleysville , PA - December 5 , 2008 - Harleysville National Corporation ( NASDAQ : HNBC ) announced today that it has completed the acquisition of Willow Financial Bancorp , Inc . ( NASDAQ : WFBC ) . Under the terms of the merger agreement , Willow Financial Bancorp has been acquired by Harleysville National Corporation and Willow Financial Bank , a $ 1.6 billion savings bank with 29 branch offices in Southeastern Pennsylvania , has merged with and into Harleysville National Bank . These transactions were effective after market close today . " Completion of the Willow Financial acquisition is consistent with our stated plan to strategically grow through disciplined in - market expansion " , said Paul D . Geraghty , President and Chief Executive Officer of Harleysville National Corporation . " We are now the third - largest bank holding company headquartered in Southeastern Pennsylvania , and our customers will benefit from an expanded branch footprint , technological enhancements , a broader product base , and a higher legal lending limit . The transaction drives shareholder value by providing the opportunity to deliver $ 15 - $ 20 million of synergies and accretion to earnings per share in 2009 . We welcome Willow Financial customers , shareholders , and employees to the Harleysville family . " As part of the agreement , which maintained all Willow Financial Bank branches and corresponding front line staff , Willow offices have been rebranded as Harleysville National Bank . Donna Coughey , President and Chief Executive Officer of Willow Financial , continues with Harleysville as Executive Vice President . She will play a key role in the corporation 's strategic initiatives , while leading efforts to bridge relationships and drive growth within the Willow customer base and the Chester County market . Two Willow Financial Bancorp directors , James E . McErlane and John J. Cunningham, III , will join the Harleysville National Corporation Board of Directors . With the addition of Willow Financial 's 29 branch offices , the banks ' combined customers have access to over 84 locations throughout nine counties in Pennsylvania . Customers of both banks now have an expanded menu of products and services such as investment management , financial planning , trust and custom credit solutions offered by Harleysville National Bank 's Millennium Wealth Management division and compensation ; insurance and estate planning through Cornerstone Advisors ; and employee benefits plan consulting through BeneServ . They will also have access to over 37,000 surcharge - free ATMs worldwide . Based on the terms of the merger agreement Willow Financial shareholders will receive 0 . 73 shares of Harleysville National Corporation common stock for each share of Willow Financial common stock they hold . Harleysville National Corporation was advised by Janney Montgomery Scott LLC and Bybel Rutledge LLP . Willow Financial Bancorp 's financial advisor was Sandler O'Neill and Partners , L . P . and its legal counsel was Dechert LLP . Harleysville National Corporation , with assets of $ 5.5 billion , is the holding company for Harleysville National Bank ( HNB ) and its division , East Penn Bank . Investment Management and Trust Services are provided through Millennium Wealth Management and Cornerstone , divisions of HNB , with assets under management of $ 2.7 billion . Harleysville National Corporation stock is traded under the symbol " HNBC " and is commonly quoted on the NASDAQ Global Select Market ® . For more information , visit the Harleysville National Corporation Web site at http://www.hncbank.com/ . # # # This press release may contain forward - looking statements as defined in the Private Securities Litigation Reform Act of 1995 . Actual results and trends could differ materially from those set forth in such statements due to various factors . Such factors include the possibility that increased demand or prices for the Corporation 's financial services and products may not occur , changing economic and competitive conditions , technological developments , and other risks and uncertainties , including those detailed in the Corporation 's filings with the Securities and Exchange Commission .
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