HARLEYSVILLE, Pa. -- Harleysville National Corp. said it reached a definnitive agreement to acquire Security National Bank of Pottstown in a stock swap valued at $5.3 million.
Harleysville said it would exchange its shares for each of the 282,866 outstanding Security National shares.
The value of the exchange ratio, Harleysville said, is about 1.4 times the book value of Security National as of Sept. 30.
Harleysville said it expects to close the deal in mid-1994. Harleysville said Security National, wwith $36 million of assets, would become a wholly owned, independent unit.