National Penn
| Company type | Public |
|---|---|
| Industry | Financial services |
| Predecessor | The National Bank of Boyertown |
| Founded | 1874 |
| Defunct | 2015 |
| Fate | Acquired by BB&T |
| Headquarters | Allentown, Pennsylvania , United States |
Area served | Pennsylvania, Maryland, New Jersey |
| Products | Regional banking network, trust division, wealth management |
| Parent | BB&T (after 2015) |
National Penn Bancshares, Inc. (commonly known as National Penn or NatPenn) was a U.S.-based financial services firm with assets totaling approximately $9.6 billion as of April 14, 2015. Its business operations encompassed a regional banking network consisting of more than 130 branches situated throughout Pennsylvania, Maryland, and New Jersey, complemented by digital and mobile banking platforms. Additionally, the corporation operated a trust division (National Penn Investors Trust Company) and a wealth management segment (National Penn Wealth Management).
In terms of asset size, National Penn was ranked as the seventy-second largest bank in the United States and held the position of the fifth largest bank headquartered within Pennsylvania. Headquartered in Allentown, Pennsylvania, the company’s stock was listed on NASDAQ under the ticker NPBC. In August 2015, National Penn was acquired by BB&T, thereby enhancing BB&T's footprint across the mid-Atlantic region.
History
Originating in 1874 under the name The National Bank of Boyertown, National Penn transitioned to a public company in 1982 and adopted its current branding in 1993. From 1990 onward, the firm completed twelve acquisitions and one divestiture. By 2015, it maintained 124 branches across Pennsylvania, New Jersey, and Maryland, managing assets worth $9.6 billion.
In 2014, National Penn centralized its corporate offices in downtown Allentown. The subsequent acquisition by BB&T in 2015 was motivated by prospects to provide clients with an expanded range of offerings—including deposit products, lending solutions, and insurance—and to mitigate escalating federal regulatory expenses that would have imposed multi-million dollar costs annually on National Penn. The merger targeted approximately 30% reductions in non-interest expenses, equating to around $65 million in savings, accompanied by anticipated workforce reductions. Completion of the transaction was expected by mid-2016.
Charitable efforts
Demonstrating its dedication to community engagement, National Penn contributed a new police headquarters facility to the Boyertown Police Department in 2015.