M&A Deal Summary

Woori America Bank Acquires Panasia Bank N.A.

On February 10, 2003, Woori America Bank acquired financial services company Panasia Bank N.A. from National Penn Bancshares for 35M USD

Acquisition Highlights
  • This is Woori America Bank’s 1st transaction in the Financial Services sector.
  • This is Woori America Bank’s largest (disclosed) transaction.
  • This is Woori America Bank’s 1st transaction in the United States.
  • This is Woori America Bank’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2003-02-10
Target Panasia Bank N.A.
Sector Financial Services
Buyer(s) Woori America Bank
Sellers(s) National Penn Bancshares
Deal Type Divestiture
Deal Value 35M USD

Target

Panasia Bank N.A.

Fort Lee, New Jersey, United States
Panasia Bank N.A. provides a full range of banking products and services.

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Buyer(S) 1

Buyer

Woori America Bank

New York, New York, United States
Category Company
Sector Financial Services
DESCRIPTION

Woori America Bank is a financial holding company.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 1 of 1
Year (2003) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

National Penn Bancshares

Allentown, Pennsylvania, United States
Category Company
Founded 1874
Sector Financial Services
Employees1,600
Revenue 380M USD (2014)
DESCRIPTION

National Penn Bancshares, Inc. is a bank holding company. National Penn has 124 community banking offices provides financial services.

DEAL STATS #
Overall 1 of 2
Sector (Financial Services) 1 of 2
Type (Divestiture) 1 of 2
State (New Jersey) 1 of 1
Country (United States) 1 of 2
Year (2003) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-03 Community Independent Bank

Bernville, Pennsylvania, United States

Community Independent Bank, Inc. is a provider of retail, consumer and commercial banking business.

Buy $14M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-26 Nittany Financial

State College, Pennsylvania, United States

Nittany Financial Corp. is the holding company for Nittany Bank, which provides various banking services.

Buy $98M
Mergr

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