Ft. Lauderdale, FL 6/25/2010 08:45 PM GMT (TransWorldNews)
National Penn Bancshares (NASDAQ: NPBS), the parent company of National Penn Bank and Christiana Bank & Trust Company, has signed a definitive agreement under which WSFS Financial Corporation (NASDAQ: WFSF) would all acquire the stock of Christiana for a cash price of $34.5 million.
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The sale includes the trust asset administration business, with annual revenue of about $6.5 million, and two commercial bank branches in Delaware. The transaction will result in about $8 million in goodwill impairment charge related to trust asset administration business.
National Penn Bancshares, Inc., with $9.2 billion in assets, is the fourth largest bank holding company based in Pennsylvania.
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