Harleysville National Bank Announces Sale of McAdoo Branch to The Legacy Bank
17 12월 2004 - 10:55PM
PR Newswire (US)
Harleysville National Bank Announces Sale of McAdoo Branch to The
Legacy Bank HARLEYSVILLE, 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: Harleysville National Bank
CONTACT: Walter E. Daller, Jr., Chairman, Harleysville National
Bank, +1-215-256-8851 ext. 2300; or George H. Groves, Chairman and
Chief Executive Officer, The Legacy Bank, +1-717-441-3400 ext. 101
Web site: http://www.thelegacybank.com/ Web site:
http://www.hncbank.com/
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