Harleysville National (NASDAQ: HNBC) announced Monday that its shareholders approved its sale to First Niagara Financial Group (NASDAQ: FNFC), according to Associated Press.
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The deal worth $237 million, which was announced in July, is expected to close in the next two months as it awaits regulatory approval. Harleysville shareholders, who approved the deal Friday, will receive 0.474 shares of First Niagara for every share of Harleysville they owned. The deal values Harleysville shares at $5.50 per share.
Harleysville National Corp. operates 83 bank branches across eastern Pennsylvania, including the Philadelphia area.
First Niagara Financial Group Inc. acquired 57 branches in western Pennsylvania from National City last year. The bank will have 254 branches in two states when the acquisition is completed.
In July, First Niagara said the acquisition should boost earnings per share by about 14 percent in 2011. Last week, the bank posted 2009 profit of $105.6 million, or 72 cents per share, up from $89.8 million, or 83 cents per share, in 2008.
Shares of Harleysville slipped 7 cents, or 1 percent, to $6.69 Monday. First Niagara shares fell 3 cents to $14.45.
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