National Penn, Third Fed merger plan calls for September vote
TF Financial Corp. shareholders will vote Sept. 17 on whether to accept the merger offer from Allentown-based National Penn Bancshares Inc.
The board of directors at both banks already have approved the merger and the TF Financial board is recommending its shareholders accept the offer, according to a recent filing with the Securities and Exchange Commission.
The shareholders will meet for the special meeting at the Sheraton Bucks County Hotel in Langhorne. In a letter to all shareholders dated Monday, Kent C. Lufkin, president and CEO of Philadelphia-area TF Financial, said the board unanimously approved the merger and was unanimous in its recommendation to the shareholders to approve the deal.
The merger sells TF Financial’s $846 million in assets and $692 million in deposits to National Penn for $138 million.
The deal will merge National Penn Bank and Third Fed Bank, the lone subsidiary of TF Financial, into one bank under the National Penn name. That includes Third Fed’s seven New Jersey branches, marking National Penn’s first brick-and mortar move into the Garden State. It has 18 branches total.
National Penn Bancshares trades on the NASDAQ under the ticker symbol NPBC. National Penn Bank has four branches and a regional headquarters in Lancaster County.