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HARLEYSVILLE, PA-Locally based Harleysville National Corp. completes its acquisition of Millennium Bank and Millennium’s subsidiary, Cumberland Advisors Inc. Millennium, based in Malvern, PA, is a $200-million bank with four branch offices. Cumberland is a registered investment advisor based in Vineland, NJ, which specializes in fixed-income money management and has about $700 million under management.

Millennium operates two branch offices in Malvern and one each in Blue Bell and Wyomissing, PA. They are merged into Harleysville National Bank and Trust Co., HNC’s subsidiary bank, raising its total number of offices to 45, located in 10 counties in Eastern Pennsylvania. The transaction brings HNC’s assets to $2.7 billion and doubles the size of its trust and wealth management group to $1.4 billion in assets.

The purchase price is approximately $46 million in cash and HNC stock. Shareholders of Millennium stock who elect to receive cash will be paid $16 for each share of Millennium. Because the option to receive HNC common stock, rather than cash, was oversubscribed, Millennium shareholders who elected to receive stock will receive approximately 64.4% of their Millennium holdings in HNC stock and the remainder in cash.

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