Harleysville Natl Corp Pa (MM) (NASDAQ:HNBC)
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The Legacy Bank Announces Acquisition of Harleysville National
Bank's McAdoo Branch
HARRISBURG, Pa., Dec. 17 /PRNewswire-FirstCall/ -- Harleysville National Bank,
a wholly-owned subsidiary of Harleysville National Corporation (NASDAQ:HNBC)
and The Legacy Bank (OTC:LBOH) (BULLETIN BOARD: LBOH) announced today they
have reached an agreement under which Harleysville National Bank will sell its
McAdoo, Pennsylvania branch to The Legacy Bank. The sale of this Schuylkill
County branch includes approximately $14.6 million in deposits as well as
certain loans and other assets. Branch personnel will be offered similar
positions with The Legacy Bank. The transaction is subject to regulatory
approval and is expected to close late in the first quarter of 2005.
"The acquisition of the McAdoo office of Harleysville National Bank enhances
our market coverage and complements the four existing Legacy Bank branch
offices in Greater Hazleton," said George H. Groves, Chairman and CEO of The
Legacy Bank. Joseph DeBias, President of The Legacy Bank of Hazleton
continued, "Our branch offices have performed very well in Greater Hazleton and
we expect the addition of the McAdoo branch office to enhance the position and
service delivery network of The Legacy Bank as the major bank for small
businesses and professionals in the market. We see tremendous additional
potential in this market and look forward to continuing to expand our
presence."
Walter E. Daller, Jr., Chairman and CEO of Harleysville National Corporation
stated, "The McAdoo office was our only market entry into Schuylkill County and
Harleysville's strategic opportunities for growth in this market seemed
limited. We plan to reinvest the proceeds of this sale into our core markets.
Harleysville National Bank would like to take this opportunity to thank the
McAdoo office clients and employees for their patronage and loyalty. We have
every confidence in the ability of The Legacy Bank to continue to serve the
community well."
Harleysville National Corporation used Cedar Hill Advisors as financial advisor
and Shumaker Williams as legal counsel. Legacy had no outside financial
advisor and used Stevens & Lee as legal counsel.
Company Profiles:
The Legacy Bank, with approximately $320 million in assets, is a Pennsylvania
commercial bank with 8 offices in 5 counties throughout central Pennsylvania
including Dauphin, Cumberland, Lycoming, Luzerne, and Schuylkill counties. The
bank opened a Loan Production Office in Pottsville, Pennsylvania in September
of 2004 in an effort to continue to expand the Legacy market area. The Legacy
Bank has received Preferred Lender program status granted by the U.S. Small
Business Administration (SBA). Legacy Asset Management Services had
approximately $111 million in Legacy Trust Company assets under management and
approximately $41 million in brokerage accounts at quarter end. The company
offers a full suite of banking and asset management products and services, for
individuals, small- to medium-sized and privately held businesses, as well as
professionals and professional practices - all designed to assist individuals,
professionals and business owners in wealth creation and preservation. The
Legacy Bank offers Pennsylvania's first Department of Banking approved business
deposit courier service and provides online banking for businesses and
consumers. For more information, visit the company's web site at
http://www.thelegacybank.com/.
Harleysville National Corporation, with assets of $3 billion, is the holding
company for Harleysville National Bank (HNB). Investment Management and Trust
Services are provided through Millennium Wealth Management & Private Banking, a
division of HNB, with assets under management exceeding $1.4 billion.
Cumberland Advisors, Inc., a registered investment advisor specializing in
fixed-income money management and equities, using exchange-traded funds, is
also a part of Millennium Wealth Management & Private Banking. Harleysville
National Corporation stock is traded under the symbol "HNBC" and is commonly
quoted under Nasdaq National Market Issues. For more information, visit the
HNC Web site at http://www.hncbank.com/.
This press release may contain forward-looking information as defined in the
Private Securities 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 financial services and products may not occur, changing economic and
competitive conditions, technological developments, and other risks and
uncertainties, including those detailed in Harleysville National Corporation's
filings with the Securities and Exchange Commission and The Legacy Bank's
filings with the Federal Deposit Insurance Corporation.
DATASOURCE: The Legacy Bank
CONTACT: George H. Groves, Chairman and Chief Executive Officer, The
Legacy Bank, +1-717-441-3400 ext. 101 or Walter E. Daller, Jr., Chairman,
Harleysville National Bank, +1-215-256-8851 ext. 2300
Web site: http://www.hncbank.com/
Web site: http://www.thelegacybank.com/