Harleysville National Corporation ( NASDAQ:HNBC) was a

Harleysville, Pennsylvania Harleysville is a census-designated place (CDP) in Montgomery County, Pennsylvania, United States. It is a suburb of Philadelphia. The population was 9,286 at the 2010 census. It is located mostly within Lower Salford Township and also in Franco ...

-based regional banking corporation insured by the

FDIC The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credi ...

. It offered consumer and commercial banking, and wealth management services. The corporation operated its banks under the Harleysville National Bank brand.

History

It was founded by local entrepreneur Alvin Alderfer on October 28, 1909. In 2004, Harleysville National Corporation completed the acquisition of and merger with Millennium Wealth Management, and in 2006, acquired the Cornerstone Companies. These acquisitions allowed for the company to expand its wealth management services. In 2007, it completed the acquisition of East Penn Bank and Willow Financial Bank. East Penn Bank was a community bank of the

Lehigh Valley The Lehigh Valley (), known colloquially as The Valley, is a geographic region formed by the Lehigh River in Lehigh County and Northampton County in eastern Pennsylvania. It is a component valley of the Great Appalachian Valley bound to the no ...

founded in 1990 and headquartered in Emmaus, Pennsylvania. Harleysville paid $92.7 million or $14.50 a share for East Penn Bank in an all-stock transaction. It kept the East Penn Bank branches branded as East Penn Bank, and they became a wholly owned subsidiary. Harleysville has a branch network of over 80 offices throughout ten counties in eastern Pennsylvania operated under the Harleysville National and East Penn brands.

Acquisition

On July 27, 2009,

First Niagara Bank First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with a ...

agreed to acquire the company in an all-stock transaction valued at approximately $237 million or $5.50 per share. The deal provided First Niagara with $5.6 billion in assets, including $3.6 billion in loans and $4.1 billion in deposits in 83 bank branches across nine Eastern Pennsylvania counties. First Niagara acquired all of Harleysville National Bank which also operates East Penn Bank, Millennium Wealth Management and Cornerstone Companies. First Niagara intended to maintain all Harleysville National and East Penn branches, and the Pennsylvania company's growing commercial banking and wealth-management business. Harleysville's workforce totals over 1,100 employees.

References

External links

* {{official, http://www.harleysvillebank.com/ Banks based in Pennsylvania Banks based in Philadelphia Defunct banks of the United States