PE-backed National Penn agrees to buy TF Financial for $138 mln

National Penn Bancshares, a portfolio company of Warburg Pincus, has agreed to acquire TF Financial Corp. for $138 million. The transaction is expected to close in late 2014. Sandler O’Neill & Partners provided financial advice to National Penn on the deal while Keefe, Bruyette and Woods was financial advisor to TF Financial. Headquartered in Newtown, Penn., TF Financial's principal subsidiary is 3rd Fed Bank, which runs 18 retail and commercial banking offices in Pennsylvania and New Jersey.

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