SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report - June 27, 1997
QNB Corp.
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(Exact Name of Registrant as Specified in its Charter)
Pennsylvania 0-17706
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(State or Other Jurisdiction (Commission File
of Incorporation) Number)
23-2318082
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(I.R.S. Employee
Identification No.)
10 N. Third St.
P.O. Box 9005
Quakertown, PA 18951-9005
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(Address of Principal (Zip Code)
Executive Offices)
(215) 538-5600
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
On June 20, 1997, Quakertown National Bank
("Quakertown"), a wholly-owned subsidiary of QNB Corp.,
and First Lehigh Bank, a wholly-owned subsidiary of
First Lehigh Corp., signed a definitive agreement for
Quakertown, Pennsylvania to purchase certain assets and
assume certain liabilities of the Quakertown office of
First Lehigh Bank. The office involved in the sale is
located at Broad Street & Route 309, Quakertown, Bucks
County, Pennsylvania. The office has deposits totaling
approximately $9 million. The sale is subject to
obtaining all regulatory approvals and, therefore, the
final closing is not expected until the fourth quarter
of 1997.
As of March 31, 1997, QNB Corp. had total assets of $288
million.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
99 Press Release of Registrant, QNB Corp., dated June
20, 1997, in connection with the acquisition of
certain assets and the assumption of certain
liabilities associated with a branch acquisition
transaction.
Item 8. Change in Fiscal Year.
Not Applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
QNB Corp.
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(Registrant)
/s/ Thomas J. Bisko
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Thomas J. Bisko, President and
Chief Executive Officer
Date: June 27, 1997
<PAGE>
Exhibit 99
Press Release In Connection with the Acquisition of Certain
Assets and the Assumption of Certain Liabilities Associated with
a Branch Acquisition Transaction
EXHIBIT 99
Press Release In Connection with the Acquisition
of Certain Assets and the Assumption of Certain
Liabilities Associated with a Branch Acquisition
Transaction
<PAGE>
THE QUAKERTOWN P. O. Box 9005
NATIONAL BANK Quakertown, PA 18951-9005
TEL (215) 538-5600
FAX (215) 538-5790
FIRST LEHIGH BANK 1620 Pond Road
Allentown, PA 18104-2255
TEL (610) 398-6660
FAX (610) 398-6690
FOR IMMEDIATE RELEASE
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QNB TO ACQUIRE DEPOSITS OF FIRST LEHIGH'S QUAKERTOWN BRANCH
QUAKERTOWN, PA (20 June 1997) QNB Corp. and First Lehigh
Corporation jointly announce that their respective subsidiaries
have signed an agreement, on June 20, 1997, for The Quakertown
National Bank (QNB), the sole subsidiary of QNB Corp., to
purchase the deposits of First Lehigh's Quakertown branch. The
premium paid on the deposits was not disclosed. The acquisition
agreement is subject to regulatory approval and is expected to
close by the fourth quarter of 1997.
The purchase will add approximately 1,050 new accounts and $9
million in deposits to QNB. Thomas J. Bisko, President and CEO
of QNB, stated "The Bank is extremely pleased to have reached
this agreement. This purchase demonstrates QNB's strategy of
focusing on our local market and serving area consumers and
businesses. We look forward to welcoming the new customers to
our QNB family."
First Lehigh Bank President and CEO, Wilbur R. Roat, stated "The
sale of the Quakertown Branch deposits will allow First Lehigh
Bank to concentrate its marketing efforts on its
Allentown/Bethlehem/Walnutport operations and its newly opened
branch at 1620 Pond Road (South Whitehall), Allentown, PA. We
are pleased that The Quakertown National Bank has
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QNB Corp. page 2 of 2
agreed to acquire these deposits and provide ongoing service to
our customers in the Quakertown marketplace."
The Quakertown National Bank currently operates six branches with
locations in Quakertown, Dublin, Coopersburg, Pennsburg and
Perkasie. QNB Corp.'s total assets exceed $290 million.
First Lehigh Bank will continue to operate its five other branch
locations in Walnutport, Cherryville, Allentown, Bethlehem and
South Whitehall. First Lehigh Corporation's total assets exceed
$111 million.
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Contact: QNB Corp.
Thomas J. Bisko, (215) 538-5612
First Lehigh Bank
Wilbur R. Roat, (610) 398-6660
