Harleysville National Corporation
Encyclopedia
Harleysville National Corporation (NASDAQ
:HNBC) was a regional banking corporation insured by the united States Federal Deposit Insurance Corporation
. It was headquartered in Harleysville, Pennsylvania
in eastern Pennsylvania. It offered consumer and commercial banking, and wealth management services. The corporation operated its banks under the Harleysville National Bank brand.
founded in 1990 and headquartered in Emmaus, Pennsylvania
. Harleysville paid $92.7 million or $14.50 a share for East Penn Bank in an all stock transaction. It kept the East Penn Bank branches branded as East Penn Bank and they became a wholly owned subsidiary. Harleysville has a branch network of over 80 offices throughout ten counties in eastern Pennsylvania operated under the Harleysville National and East Penn brands.
agreed to acquire the company in an all-stock transaction valued at approximately $237 million or $5.50 per share. The deal will provide First Niagara with $5.6 billion in assets, including $3.6 billion in loans and $4.1 billion in deposits in 83 bank branches across nine Eastern Pennsylvania counties. First Niagara will acquire all of Harleysville National Bank which also operates East Penn Bank, Millennium Wealth Management and Cornerstone Companies.
First Niagara intends to maintain all Harleysville National and East Penn branches, and the Pennsylvania company's growing commercial banking and wealth-management business. Harleysville's workforce totals over 1,100 employees.
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
:HNBC) was a regional banking corporation insured by the united States Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
. It was headquartered in Harleysville, Pennsylvania
Harleysville, Pennsylvania
Harleysville is a census-designated place in Montgomery County, Pennsylvania, United States. The population was 9,286 at the 2010 census. It is located within Lower Salford Township...
in eastern Pennsylvania. It offered consumer and commercial banking, and wealth management services. The corporation operated its banks under the Harleysville National Bank brand.
History
It was founded by local entrepreneur Alvin Alderfer on October 28, 1909. In 2004, Harleysville National Corporation completed the acquisition of and merger with Millennium Wealth Management, and in 2006, acquired the Cornerstone Companies. These acquisitions allowed for the company to expand its wealth management services. In 2007, it completed the acquisition of East Penn Bank and Willow Financial Bank. East Penn Bank was a community bank of the Lehigh ValleyLehigh Valley
The Lehigh Valley, known officially by the United States Census Bureau as the Allentown-Bethlehem-Easton, PA-NJ metropolitan area and referred to locally as The Valley and A-B-E, is a metropolitan region consisting of Lehigh, Northampton, Berks, and Carbon counties in eastern Pennsylvania and...
founded in 1990 and headquartered in Emmaus, Pennsylvania
Emmaus, Pennsylvania
Emmaus is a borough in Lehigh County, Pennsylvania, in the United States. It is located five miles southwest of Allentown, Pennsylvania, in the Lehigh Valley region of the state.The population of Emmaus was 11,313 at the 2000 census...
. Harleysville paid $92.7 million or $14.50 a share for East Penn Bank in an all stock transaction. It kept the East Penn Bank branches branded as East Penn Bank and they became a wholly owned subsidiary. Harleysville has a branch network of over 80 offices throughout ten counties in eastern Pennsylvania operated under the Harleysville National and East Penn brands.
Acquisition
On July 27, 2009, First Niagara BankFirst Niagara Bank
First Niagara Bank is a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in the historic Larkin Terminal Warehouse in Buffalo, New York.-History:...
agreed to acquire the company in an all-stock transaction valued at approximately $237 million or $5.50 per share. The deal will provide First Niagara with $5.6 billion in assets, including $3.6 billion in loans and $4.1 billion in deposits in 83 bank branches across nine Eastern Pennsylvania counties. First Niagara will acquire all of Harleysville National Bank which also operates East Penn Bank, Millennium Wealth Management and Cornerstone Companies.
First Niagara intends to maintain all Harleysville National and East Penn branches, and the Pennsylvania company's growing commercial banking and wealth-management business. Harleysville's workforce totals over 1,100 employees.