Career Opportunities|Contact Us|Privacy Notice Home   |   National Penn Bank    Investor Relations Corporate Profile Corporate News Governance Documents Calendar of Events Shareholder Services Stock Information Stock Splits & Dividends Officers & Directors Basis Calculator Financial Highlights Analyst Estimates Documents / SEC Filings Section 16 Filings Market Makers Mergers & Acquisitions Deposit Marketshare Peer Analysis FAQs Contact Us / Request Information Email Alerts Presentations Mergers & Acquisitions NATIONAL 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 Announcement Date 9/6/2005 Announced Deal Value ($M) 97.8 Status Completed Completion Date 1/26/2006 Announced Deal Value Per Share ($) 41.75 Consideration Breakout Cash ($M) 29.8 Common Stock ($M) 67.6 Common Stock Issued 3,362,153  Deal Pricing Ratios   Announcement Completion Price / Book (%) 373.9 360.5 Price / Tangible Book (%) 404.2 386.5 Price / Earnings (x) 25.2 24.0 Price / Deposits (%) 40.40 40.74 Price / Assets (%) 29.95 28.58 Tangible Book Premium/ Deposits (%) 52.62 52.79  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 Method Purchase 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 ($000) 0 Exchange Ratio (Common For Common) 1.9940 Exchange Ratio (Common For Preferred) NA Exchange Ratio (Preferred For Common) NM Exchange Ratio (Preferred For Preferred) NA Lockup Agreement No Strike Price ($) NA % of Shares Outstanding NA Shares Under Option NA 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) 1 Neutral NA NA NA NA 2 Accretive NA NA NA NA  Deal Advisers - Financial Advisers Party Advised Adviser Hired? Firm Name Buyer Yes Sandler O'Neill & Partners LP Seller Yes Ryan Beck & Co.  Deal Advisers - Legal Counsel Party Advised Adviser Hired? Firm Name Buyer Yes Reed Smith LLP Seller Yes Spidi & Fisch PC Copyright 2013, © SNL Financial LC  Terms of Use

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