Business & Finance
Business and Finance
Business and Finance
Fri, July 29, 2011
Thu, July 28, 2011 National Penn Bancshares, Inc. Reports Termination of Memorandum of Understanding
BOYERTOWN, Pa.--([ BUSINESS WIRE ])--National Penn Bancshares, Inc. (Nasdaq: NPBC) reported that its banking subsidiary, National Penn Bank, and the Office of the Comptroller of the Currency, the Banka™s primary Federal bank regulator, have terminated the informal Memorandum of Understanding (MOU) entered into on January 27, 2010, as well as the related individual minimum capital requirements (IMCR).
"We are well positioned for future opportunities to grow National Penn."
aWe at National Penn are extremely pleased that the strength of our balance sheet and strong earnings trends have allowed us to resolve this matter on an expedited basis. The sense of urgency and heightened level of accountability of our team members was outstanding,a commented Scott V. Fainor, President and CEO. aWe are well positioned for future opportunities to grow National Penn.a
About National Penn Bancshares, Inc.
National Penn Bancshares, Inc., with approximately $9 billion in assets, is a bank holding company based in Pennsylvania.Headquartered in Boyertown, National Penn operates 123 branch offices comprising 122 branches in Pennsylvania and one branch in Maryland through National Penn Bank and its HomeTowne Heritage Bank, KNBT and Nittany Bank divisions.
National Penna™s financial services affiliates consist of National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.;Institutional Advisors LLC; National Penn Insurance Services Group, Inc., including its Higgins Insurance division; and Caruso Benefits Group, Inc.
National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol aNPBCa. Please visit our Web site at [ www.nationalpennbancshares.com ] to see our regularly posted material information.
