Harleysville Natl Corp Pa (MM) (NASDAQ:HNBC)
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Harleysville National Corporation Issues Trust Preferred Securities
HARLEYSVILLE, Pa., March 25 /PRNewswire-FirstCall/ -- Harleysville National
Corporation announced that HNC Statutory Trust II, a Delaware statutory trust
subsidiary of HarleysvilleNational Corporation (the "Trust"), has completed an
offering of $20,000,000 of floating rate (three- month LIBOR plus a margin of
2.70%) Capital Securities (the "Capital Securities"), which represent undivided
beneficial interests in the assets of theTrust.
The Capital Securities were offered and sold to two initial purchasers in
private transactions that were not registered under the Securities Act of 1933,
as amended (the "Securities Act"). The initial purchasers intend to sell the
Capital Securities to "qualified institutional buyers" (as defined in Rule 144A
under the Securities Act). The Capital Securities will not be registered under
the Securities Act and may not be offered or otherwise sold in the United States
absent registration or an applicable exemption from such registration
requirements.
Proceeds of the offering were invested in Harleysville National Corporation
(HNC). HNC anticipates using the proceeds, among other things, (1) to fund the
cash portion of the merger consideration to be paid to the shareholders of
Millennium Bank in connection with the merger of Millennium Bank with, and into,
Harleysville National Bank and Trust Company, HNC's wholly-owned subsidiary; (2)
for general corporate purposes and working capital; and (3) to repurchase HNC's
common stock in accordance with the provisions of its common stock repurchase
program.
Harleysville National Corporation's stock is traded under the symbol "HNBC" and
is commonly quoted under Nasdaq National Market Issues. Families and businesses
can apply for banking, trust and investment services at any HNB office, by
calling 1-888-HNB-2100 or online at http://www.harleysvillebank.com/.
This press release may contain forward-looking statements as defined in the
PrivateSecurities Litigation Reform Act of 1995. Actual results and trends
could differ materially from those set forth in such statements due to various
factors. Such factors include the possibility that increased demand or prices
for the Company's financial services and products may not occur, changing
economic and competitive conditions, technological developments, and other risks
and uncertainties, including those detailed in the company's filings with the
Securities and Exchange Commission.
DATASOURCE: Harleysville National Corporation
CONTACT: Michael High, Executive Vice President and Chief Financial
Officer, Harleysville National Corporation, +1-215-256-8851, ext. 2395
Web site: http://www.harleysvillebank.com/