TF Financial Shareholders Okay Merger With National Penn Bancshares

(RTTNews) - National Penn Bancshares Inc. (NPBC) and TF Financial Corp. (THRD) announced that at a special meeting held today, the shareholders of TF Financial approved the Agreement and Plan of Merger between TF Financial and National Penn by which TF Financial will merge into National Penn.

As previously indicated, National Penn and TF Financial received all required regulatory approvals to complete the merger. National Penn and TF Financial expect to close the merger on October 24, 2014, subject to the satisfaction of other customary closing conditions.

In June 2014, Bank holding company National Penn Bancshares agreed to acquire savings and loan holding company TF Financial Corp. 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 would constitute 40 percent cash and 60 percent stock.