Willow Financial Bancorp's wholly owned subsidiary, Willow Financial Bank, will
merge into Harleysville National Bank and Trust Co. in a deal valued at $162 million. Willow Financial Bank, based in King of Prussia, Pa., is a $1.6 billion savings bank with 29 banking offices.
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Pennsylvania-based Harleysville Group, an insurer of products and services for small and midsized businesses, expects the deal to add to earnings in 2009 and result in annual savings of $15 million to $20 million. The deal will also expand Harleysville's employee benefits services, enhance investment consulting, estate and business planning, compensation planning practices, and boost cross-sell opportunities in wealth management and private banking.
Janney Montgomery Scott LLC and Bybel Rutledge LLP
advised Harleysville on the transaction, while Willow Financial was advised by Sandler O'Neill and Partners LP.
- Maria Woehr
