National Penn Bancshares (NPBC) in Allentown, Penn., has agreed to buy TF Financial (THRD) in Newtown, Pa.

The $8.6 billion-asset National Penn will pay $138 million in cash and stock for the $846 million-asset TF Financial. The price represents 144% of TF Financial's tangible book value. The companies said in a press release that they expect the deal to close late this year and that the deal should increase National Penn's earnings by 4 cents a share.

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