National Penn Bancshares, Christiana Bank & Trust deal closes

By Lisa Kerner

Charlotte, N.C., Jan. 4 - National Penn Bancshares, Inc. completed its acquisition of Christiana Bank & Trust Co., it was announced on Friday.

As a result, Christiana became a wholly owned subsidiary of National Penn, which now has about $5.9 billion in assets and approximately $7.1 billion in trust assets under administration or management.

In June 2007, National Penn agreed to acquire Christiana in a stock and cash transaction valued at $56.5 million.

It was previously reported that Christiana shareholders could elect to receive either $37.69 in cash or 2.241 shares of National Penn common stock for each share of Christiana Bank common stock held.

A total of 80% of Christiana shares will be exchanged for shares of National Penn common stock, with the remaining 20% being exchanged for cash.

"We are very pleased to welcome Christiana to the National Penn corporate family," National Penn president and chief executive officer Glenn E. Moyer said in a company news release.

"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."

Located in Boyertown, Pa., National Penn is the holding company for National Penn Bank.

Christiana Bank, a banking corporation, is based in Greenville, Del.

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