HARLEYSVILLE, Pa., April 5 /PRNewswire-FirstCall/ -- Harleysville National
Bank, a wholly owned subsidiary of Harleysville National Corporation
(Nasdaq: HNBC), and The Legacy Bank (OTC Bulletin Board: LBOH) released today
that they have completed the previously announced sale of the McAdoo,
Pennsylvania branch from Harleysville National Bank to The Legacy Bank. The
sale of this Schuylkill County branch includes approximately $13.8 million in
deposits as well as certain loans and other assets. Harleysville National
Bank expects to record a pre-tax profit on the sale of approximately $665,000
during the second quarter of 2005.
The Legacy Bank, with approximately $339 million in assets, is a
Pennsylvania commercial bank with 9 offices in 5 counties throughout central
Pennsylvania including Dauphin, Cumberland, Lycoming, Luzerne, and Schuylkill
counties. The Legacy Bank has received Preferred Lender program status
granted by the U.S. Small Business Administration (SBA). Legacy Asset
Management Services had approximately $119 million in Legacy Trust Company
assets under management and approximately $46 million in brokerage accounts at
quarter end. The company offers a full suite of banking and asset management
products and services, for individuals, small- to medium-sized and privately
held businesses, as well as professionals and professional practices - all
designed to assist individuals, professionals and business owners in wealth
creation and preservation. The Legacy Bank offers Pennsylvania's first
Department of Banking approved business deposit courier service and provides
online banking for businesses and consumers. For more information, visit the
company's web site at http://www.thelegacybank.com.
Harleysville National Corporation, with assets in excess of $3 billion, is
the holding company for Harleysville National Bank (HNB). Investment
Management and Trust Services are provided through Millennium Wealth
Management & Private Banking, a division of HNB, with assets under management
exceeding $1.5 billion. Cumberland Advisors, Inc., an SEC registered
investment advisor specializing in fixed-income money management and equities,
using exchange-traded funds, is also a part of Millennium Wealth Management &
Private Banking. Harleysville National Corporation stock is traded under the
symbol "HNBC" and is commonly quoted under Nasdaq National Market Issues. For
more information, visit the HNC website at http://www.hncbank.com.
This press release may contain forward-looking information as defined in
the Private Securities Litigation Reform Act of 1995. Actual results and
trends could differ materially from those set forth in such statements due to
various factors. Such factors include the possibility that increased demand
or prices for financial services and products may not occur, changing economic
and competitive conditions, technological developments, and other risks and
uncertainties, including those detailed in Harleysville National Corporation's
filings with the Securities and Exchange Commission and The Legacy Bank's
filings with the Federal Deposit Insurance Corporation.
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SOURCE Harleysville National Bank
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Related links:
http://www.hncbank.com
CONTACT:
Michael High, Executive Vice President, COO
and CFO, Harleysville National Corporation, +1-215-256-8851, ext.
2395, or George H. Groves, Chairman and Chief Executive Officer,
The Legacy Bank, +1-717-441-3400, ext. 101
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