National Penn Bancshares (NPBC) in Allentown, Pa., spent years searching for the right deal before agreeing to pay up for a bank that meets all of its needs.

The $8.6 billion-asset National Penn is putting some of its large cash hoard to use with its first acquisition since the financial crisis, agreeing Wednesday to buy TF Financial (THRD) in Newtown, Pa., for $138 million in cash and stock.

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