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June 4, 2014
07:03 EDTTHRD, NPBCNational Penn to acquire TF Financial in cash and stock deal
The Boards of Directors of National Penn Bancshares (NPBC) and TF Financial Corporation (THRD) announced that the companies have entered into a definitive merger agreement whereby National Penn will acquire TF Financial. TF Financial and its wholly-owned subsidiary, 3rd Fed Bank, with approximately $846M in assets, $609M in loans, and $692M in deposits at March 31, operate 18 full service retail and commercial banking offices in the attractive markets of Bucks and Philadelphia Counties in Pennsylvania, and Burlington, Mercer, and Ocean Counties in New Jersey. TF Financial shareholders will receive either $42.00 in cash or 4.22 shares of National Penn stock, based on their election, for an estimated aggregate transaction value of $138M. Aggregate consideration will be limited to 40% cash and 60% stock. This purchase price equates to approximately 20x earnings and 144% of tangible book value. There are 3,151,162 shares of TF Financial issued and outstanding. Stock options for 325,644 shares will be redeemed for cash. Based upon cost savings estimated to be 40% of TF Financialís current operating expenses and inclusive of closing two branches that overlap in Doylestown, Bucks County, Pennsylvania, earnings per share accretion will be approximately 4c per share subsequent to these expense synergies being realized. A non-recurring charge of approximately $10M will be recorded at the closing of the transaction. Purchase accounting adjustments will include a credit mark of approximately 2% of TF Financialís loan portfolio.
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