National Penn, KNBT shareholders meetings slated for Dec. 17 to vote on proposed merger

By Devika Patel

Knoxville, Tenn., Nov. 6 - National Penn Bancshares, Inc. will hold a special shareholders meeting to vote on its planned merger with KNBT Bancorp, Inc. at 9 a.m. on Dec. 17 at the National Penn office in Wyomissing, Pa., according to a 424B2 filing with the Securities and Exchange Commission.

The filing, which was made on Tuesday, also said KNBT will hold a special shareholders meeting to vote on the merger agreement at the same time at the Best Western Lehigh Valley Hotel & Conference Center in Bethlehem, Pa.

As previously reported on Sept. 7, National Penn and KNBT agreed to merge in a transaction valued at some $464.4 million, or $17.31 per KNBT share, to create the fifth-largest Pennsylvania-based bank holding company based on total assets.

Both companies' boards of directors have unanimously approved the transaction, which is slated to close late in the first quarter of 2008.

KNBT will merge with and into National Penn, with National Penn being the surviving entity based in Boyertown, Pa.

National Penn is a financial services company with $5.62 billion in assets and 81 offices in Pennsylvania.

Bethlehem, Pa.-based KNBT is a financial services company with $2.9 billion in assets.

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