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Updated from 1:34 p.m. EDT
Financial stocks locked in with the tumbling broad market Friday, but among the few winners was KNBT Bancorp (KNBT Quote).
Shares of the Bethlehem, Pa., bank jumped 6.5% after National Penn Bancshares (NPBC Quote) agreed to buy it in a 1-for-1 stock swap, not including a 3% stock dividend from National Penn. As of National's most recent close, the deal is worth about $464.6 million, and it should close late in the first quarter of next year.
Holders of KNBT are to own 35% of the combined company. Its shares closed up 93 cents to $15.30. National Penn expects per-share earnings accretion within 2008, but its stock fell 8.5% to close at $15.38. ...
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