National Penn To Acquire TF Financial - Quick Facts

(RTTNews) - Bank holding company National Penn Bancshares, Inc. (NPBC) has agreed to acquire savings and loan holding company TF Financial Corp. (THRD), the companies said in a statement Wednesday. National Penn expects the acquisition to add to its earnings.

TF Financial shareholders may elect to receive either $42.00 in cash or a fixed exchange of 4.22 shares of National Penn stock for each share of TF Financial stock, for an estimated aggregate transaction value of $138 million. The consideration will constitute 40 percent cash and 60 percent stock.

There are 3,151,162 shares outstanding TF Financial shares. Stock options for 325,644 shares will be redeemed for cash.

National Penn expects the transaction to add $0.04 per share to earnings, following cost savings that are estimated to be 40 percent of TF Financial's current operating expenses, and closing of two branches that overlap in Doylestown, Bucks County, Pennsylvania.

TF Financial has $846 million in assets, $609 million in loans, and $692 million in deposits at March 31, 2014.

The acquisition is scheduled to close in late 2014.