EXCHANGE RATIO FINALIZED FOR NATIONAL PENN BANCSHARES'
MERGER WITH COMMUNITY INDEPENDENT BANK, INC.
BOYERTOWN, PA -- November 1, 2000 -- National Penn Bancshares, Inc.
(Nasdaq/NMS:NPBC), parent company of National Penn Bank, and Community
Independent Bank, Inc. (AMEX:INB), parent company of Bernville Bank, N.A., today
announced that, after expiration of a 20 trading days valuation period, the
exchange ratio for the pending merger of Community Independent Bank, Inc. into
National Penn Bancshares, Inc. has been finalized at .945 share of National Penn
Bancshares stock for each share of Community Independent Bank stock. While the
valuation period did not result in any change in the exchange ratio, the
original exchange ratio has been adjusted to .945 to 1 to reflect the 5% stock
dividend declared on October 25, 2000 by National Penn Bancshares and payable on
December 20, 2000.
The transaction is subject to approval by shareholders of Community
Independent Bank at a meeting to be held on November 30, 2000, receipt of
regulatory approvals, and other customary conditions. Closing is anticipated for
January 3, 2001.
Upon completion of the merger, National Penn Bancshares will have assets of
$2.6 billion and an expanded presence in western Berks County with the addition
of Bernville Bank's four community offices.
