National Penn Bancshares, Inc. (referred to as National Penn or NatPenn) was an American

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

corporation, with

assets In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...

(as of April 14, 2015) of approximately $9.6 billion. National Penn operations include a regional

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

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). 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 Allentown may refer to several places in the United States and topics related to them: * Allentown, California, now called Toadtown, California * Allentown, Georgia, a town in Wilkinson County * Allentown, Illinois, an unincorporated community in T ...

. National Penn trades on

NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

under the symbol NPBC. In August 2015, it was announced National Penn had been acquired by

BB&T BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...

History

National Penn was founded in 1874 as The National Bank of Boyertown. 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. By 2015, National Penn had grown into 124 branches in Pennsylvania, New Jersey and Maryland, and the bank had $9.6 billion in assets. In the spring of 2014, National Penn moved its headquarters to downtown Allentown, consolidating their facilities in one location. In August 2015, it was announced National Penn had been acquired by

, which was expanding its presence in the mid-Atlantic states. 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.

Charitable efforts

National Penn donated a new police headquarters for the

Boyertown Boyertown ( Pennsylvania Dutch: ''Boyerschteddel'') is a borough in Berks County, Pennsylvania. The population was 4,055 at the 2010 census. Boyertown is known for the many painted fiberglass bears that can be found throughout the town and boro ...

Police Department in 2015.

References

{{Reflist Banks based in Pennsylvania Banks established in 1874 1874 establishments in Pennsylvania Defunct banks of the United States