ACTION: On September 9, 2008, Shareholders of Willow Financial Bancorp, Inc. (“WFBC”) voted concerning the proposed merger with Harleysville National Corporation (“HNBC”). The merger was approved and subsequently consummated on December 5, 2008. As a result, each existing WFBC Common Share will be converted into the right to receive .73 HNBC Common Shares.
This action will be coordinated with the Options Clearing Corporation.
CATEGORY: Cash Settlement
EQUITY SYMBOL: Willow Financial Bancorp, Inc. (“WFBC”)
ONE CHICAGO SYMBOL: WFBC1C will be de-listed
CME FUTURES SYMBOL: WFB will be de-listed
MULTIPLIER: 100 (e.g., 1.00 equals $100.00)
EFFECTIVE DATE: Monday, December 8, 2008
NEW DELIVERABLE PER CONTRACT: 73 Harleysville National Corporation (“HNBC”) Common Shares
APPLICABLE CONTRACT MONTHS: December 2008 and January, March, June 2009
SETTLEMENT PRICES AND POSITIONS: The underlying price for the WFBC2C Futures contract deliverable, expressed in term of current market value, would be calculated as follows:
WFBC2C= .73 (HNBC)
Please note that the valuation would apply only to the WFBC2C deliverable in terms of current market value of the deliverable securities. The resulting price would not be equivalent to the daily settlement price of a futures contract month, whose determination would include cost of money carrying charges, adjustment for dividends, and other factors.
NOTES: The forecasted effect of the upcoming corporate event on each clearing firms’ positions can be viewed in infopac in the Corporate Event Initial Forecast Report (ONE712), the Corporate Event Final Forecast Report (ONE713), and the Corporate Event Forecast Audit Report (CPDBU710).
If you have any questions regarding the information provided in the document, please call CME Clearing risk management hotline at (312) 648-3888.