Harleysville National Corporation Issues Trust Preferred Securities
26 March 2004 - 8:54AM
PR Newswire (US)
Harleysville National Corporation Issues Trust Preferred Securities
HARLEYSVILLE, Pa., March 25 /PRNewswire-FirstCall/ -- Harleysville
National Corporation announced that HNC Statutory Trust II, a
Delaware statutory trust subsidiary of HarleysvilleNational
Corporation (the "Trust"), has completed an offering of $20,000,000
of floating rate (three- month LIBOR plus a margin of 2.70%)
Capital Securities (the "Capital Securities"), which represent
undivided beneficial interests in the assets of theTrust. The
Capital Securities were offered and sold to two initial purchasers
in private transactions that were not registered under the
Securities Act of 1933, as amended (the "Securities Act"). The
initial purchasers intend to sell the Capital Securities to
"qualified institutional buyers" (as defined in Rule 144A under the
Securities Act). The Capital Securities will not be registered
under the Securities Act and may not be offered or otherwise sold
in the United States absent registration or an applicable exemption
from such registration requirements. Proceeds of the offering were
invested in Harleysville National Corporation (HNC). HNC
anticipates using the proceeds, among other things, (1) to fund the
cash portion of the merger consideration to be paid to the
shareholders of Millennium Bank in connection with the merger of
Millennium Bank with, and into, Harleysville National Bank and
Trust Company, HNC's wholly-owned subsidiary; (2) for general
corporate purposes and working capital; and (3) to repurchase HNC's
common stock in accordance with the provisions of its common stock
repurchase program. Harleysville National Corporation's stock is
traded under the symbol "HNBC" and is commonly quoted under Nasdaq
National Market Issues. Families and businesses can apply for
banking, trust and investment services at any HNB office, by
calling 1-888-HNB-2100 or online at
http://www.harleysvillebank.com/. This press release may contain
forward-looking statements as defined in the PrivateSecurities
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 the Company's financial services and
products may not occur, changing economic and competitive
conditions, technological developments, and other risks and
uncertainties, including those detailed in the company's filings
with the Securities and Exchange Commission. DATASOURCE:
Harleysville National Corporation CONTACT: Michael High, Executive
Vice President and Chief Financial Officer, Harleysville National
Corporation, +1-215-256-8851, ext. 2395 Web site:
http://www.harleysvillebank.com/
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