{{Short description|American financial services corporation}} {{Infobox company | name = | logo = File:National_Penn_Logo.gif | type = Public | traded_as = | predecessor = | foundation = {{start date and age|1874}} | defunct = {{end date and age|2015}} | fate = Acquired by BB&T | location_city = Allentown, Pennsylvania | location_country = U.S. | locations = | area_served = Pennsylvania, Maryland,<br /> New Jersey | key_people = Scott Fainor (President & CEO) <br/> Michael J. Hughes (Senior EVP & CFO) | industry = Financial services | revenue = | operating_income = | net_income = | aum = | assets = $9.6 billion (2015) | equity = | num_employees = | homepage = }} '''National Penn Bancshares, Inc.''' (referred to as '''National Penn''' or '''NatPenn''') was an American financial services corporation, with assets (as of April 14, 2015) of approximately $9.6 billion. National Penn operations include a regional banking franchise operating primarily in three states with more than 130 branches, as well as online and mobile services. It also operated a trust company (National Penn Investors Trust Company) and a wealth management division (National Penn Wealth Management).<ref>{{cite web|last1=Penn|first1=National|title=Who We Are|url=http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=100383|publisher=Penn National Bancshares, Inc.|accessdate=8 July 2015}}</ref>
By assets, National Penn is the seventy-second largest bank in the United States, and the fifth largest bank headquartered in Pennsylvania. National Penn is based in Allentown. National Penn trades on NASDAQ under the symbol NPBC.<ref name=bloombergprof>{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=2383369|title=National Penn Bank|date=8 July 2015|publisher=Bloomberg|accessdate=8 July 2015}}</ref> In August 2015, it was announced National Penn had been acquired by BB&T.<ref name="Warner0817" /><ref name="Salamone0831" />
==History== National Penn was founded in 1874 as The National Bank of Boyertown.<ref>{{cite web|url=https://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=NPBC.O|archive-url=https://web.archive.org/web/20150710024211/http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=NPBC.O|url-status=dead|archive-date=10 July 2015|title=National Penn Bancshares Inc (NPBC.O)|date=8 July 2015|publisher=Reuters|accessdate=8 July 2015}}</ref> The company went public in 1982, and changed its name to National Penn in 1993. The bank has completed twelve acquisitions since 1990, and terminated one.<ref name=bloombergprof/> By 2015, National Penn had grown into 124 branches in Pennsylvania, New Jersey and Maryland,<ref name="Warner0817">{{cite news |last=Warner |first=Frank |title=Allentown-based National Penn acquired by megabank BB&T |work=The Morning Call |date=August 17, 2015 |url=http://www.mcall.com/news/local/allentown/centercity/mc-national-penn-bank-acquired-by-bbt-2-20150817-story.html |accessdate=September 1, 2015}}</ref> and the bank had $9.6 billion in assets.<ref name="Salamone0831">{{cite news |last=Salamone |first=Anthony |title=National Penn CEO: Now we must sell the deal to customers |work=The Morning Call |date=August 31, 2015 |url=http://www.mcall.com/business/mc-national-penn-scott-fainor-interview-merger-20150831-story.html |accessdate=September 1, 2015}}</ref>
In the spring of 2014, National Penn moved its headquarters to downtown Allentown, consolidating their facilities in one location.<ref>{{cite web|last1=Pederson|first1=Brian|title=Year later, National Penn's move to Allentown a hit|url=http://www.lvb.com/article/20150622/LVB01/306199999/year-later-national-penns-move-to-allentown-a-hit|publisher=LVB.com|accessdate=8 July 2015}}</ref> In August 2015, it was announced National Penn had been acquired by BB&T, which was expanding its presence in the mid-Atlantic states.<ref name="Warner0817" /> National Penn CEO Scott Fainor said the deal was practical because BB&T could offer customers a wider range of products and services, such as deposit, loan and insurance offerings. Additionally, he said, new federal banking compliance rules would have cost National Penn millions of dollars annually. The merger is expected to close by mid-2016. BB&T seeks to achieve cost savings of about 30 percent of National Penn's non-interest expenses, totaling $65 million. As a result, job cuts are expected.<ref name="Salamone0831" />
==Charitable efforts== National Penn donated a new police headquarters for the Boyertown Police Department in 2015.<ref>{{cite web|last1=Foti|first1=Kaitlyn|title= National Penn donates building for new Boyertown police station|url= http://www.pottsmerc.com/general-news/20150623/national-penn-donates-building-for-new-boyertown-police-station}}</ref>
==References== {{Reflist}}
Category:Banks based in Pennsylvania Category:Banks established in 1874 Category:1874 establishments in Pennsylvania Category:Defunct banks of the United States Category: 1980s initial public offerings Category: 2015 mergers and acquisitions Category: Companies formerly listed on the Nasdaq