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Mergers & AcquisitionsNATIONAL PENN BANCSHARES, INC. (NASDAQ - NPBC)  
M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: National Penn Bancshares, Inc.
Actual Acquirer: National Penn Bancshares, Inc.
Target: Nittany Financial Corp.
Deal Type: Bank & Thrift Company
Agreement Date9/6/2005
Announcement Date9/6/2005
Announced Deal Value ($M)97.80
StatusCompleted
Completion Date1/26/2006
Announced Deal Value Per Share ($)41.75
Consideration Breakout
Cash ($M)29.8
Common Stock ($M)67.6
Common Stock Issued3,362,153

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)373.9360.5
Price / Tangible Book (%)404.2386.5
Price / Earnings (x)25.224.0
Price / Deposits (%)40.4040.74
Price / Assets (%)29.9528.58
Tangible Book Premium/ Deposits (%)52.6252.79
 Deal Terms
Description of Consideration
Nittany Financial shareholders received 1.994 shares of common stock or $42.43 in cash, subject to 70% of shares being exchanged for stock. The original exchange ratio of 1.975 was subject to adj. under certain conditions.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)72,008
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)4,750
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)1.9940
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NM
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)5,300
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1NeutralNANANANA
2AccretiveNANANANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesSandler O'Neill & Partners LP
SellerYesRyan Beck & Co.

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesReed Smith LLP
SellerYesSpidi & Fisch PC

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