8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 21, 2008

HARLEYSVILLE NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania	0-15237	23-2210237
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

483 Main Street, Harleysville, PA	19438
(Address of principal executive offices)	(Zip Code)

215-256-8851

[Missing Graphic Reference]

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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CURRENT REPORT ON FORM 8-K

Item 7.01 Regulation FD Disclosure.

On May 21, 2008, Harleysville National Corporation posted a slide presentation to their website containing information regarding the merger with Willow Financial Bancorp and Willow Financial Bank.  A copy of the presentation is furnished herewith as Exhibit 99.1.

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ITEM 9.01      Financial Statements and Exhibits

(a) Financial Statements and Exhibits

None.

(b) Pro Forma Financial Information

None.

(c) Shell Company Transactions.

Not applicable.

(d)            Exhibits.

Exhibit Number	Description
99.1	Presentation posted to Website dated May 21, 2008.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.

	HARLEYSVILLE NATIONAL CORPORATION
	(Registrant)
Dated: May 21, 2008	/s/ George S. Rapp
	George S. Rapp
	Executive Vice President, and
	Chief Financial Officer

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Exhibit Index

Exhibit Number	Description
99.1	Presentation posted  to Website dated May 21, 2008.

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EX-99.2

Harleysville National Corporation to
Acquire Willow Financial Bancorp

2

Key Terms of Merger Agreement

3

Source: SNL Financial

Willow Financial Bancorp, Inc.

4

Source: SNL Financial

Expansion - - Franchise Accretive

5

•Nationwide Bank and Thrift Transactions announced after 1/1/2007 with a deal value between $100.0 M and $500.0 M (39 transactions)

•Regional (a) Bank and Thrift Transactions announced after 1/1/2007 (25 transactions)

•Nationwide Bank and Thrift Transactions announced after 1/1/2007 with the target’s ROAE less than 5.00% and ROAA less than 0.50% (29 transactions)

(a) Regional defined as DC, DE, MD, NJ, NY & PA

Source: SNL Financial

Tangible

Deal

Market

Book

Book

LTM

Franchise

Value

Premium

Value

Value

Earnings

Premium

(2)

Comparable Transactions

($mm)

(%)

(%)

(%)

(x)

(%)

Harleysville /

Willow Financial

(1)

Nationwide Bank and Thrift Deals

164.4

22.9

258.0

265.3

22.1

23.6

Regional Bank and Thrift Deals

130.7

26.0

218.8

228.3

24.3

16.5

Performance based Bank and Thrift Deals

26.1

32.1

151.5

160.9

45.8

8.4

162.1

32.8

101.4

179.3

Price to

27.8

7.0

Attractive - - Pricing