BOYERTOWN, Pa., Sept. 18 /PRNewswire-FirstCall/ -- National Penn Bancshares, Inc. announced today the closing of the underwriters'' exercise of their over-allotment option to purchase an additional 4,005,000 shares of National Penn''s common stock at a purchase price of $5.25 per share. The over-allotment option was granted in connection with National Penn''s previously announced public offering of 26.7 million shares of its common stock at $5.25 per share. National Penn expects net proceeds from the offering, including the exercise of the over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses to be approximately $153.1 million.
Sandler O''Neill + Partners, L.P. acted as sole book-running manager and J.P. Morgan Securities Inc. and Keefe, Bruyette & Woods, Inc. acted as co-managers for the offering. Reed Smith LLP acted as legal counsel to National Penn, and Kilpatrick Stockton LLP acted as legal counsel to the underwriters.
National Penn has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. These documents may be obtained without charge by visiting EDGAR on the SEC website at http://www.sec.gov/. Alternatively, copies of the prospectus supplement and the prospectus relating to the offering may be obtained from Sandler O''Neill + Partners, L.P., 919 Third Avenue, 6th Floor, New York, NY 10022, (800) 635-6859.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About National Penn Bancshares, Inc.
National Penn Bancshares, Inc., with $9.8 billion in assets, is the fourth largest bank holding company based in Pennsylvania. In addition, wealth assets under administration or management amount to $8.1 billion.
Headquartered in Boyertown, National Penn operates 127 offices. It has 124 community banking offices in Pennsylvania and one office in Maryland through National Penn Bank and its HomeTowne Heritage Bank, KNBT and Nittany Bank divisions. National Penn also has two offices in Delaware through its wholly-owned subsidiary, Christiana Bank & Trust Company.
National Penn''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.; Vantage Investment Advisors, LLC; Institutional Advisors LLC; National Penn Leasing Company; 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 "NPBC". Please visit our Web site at http://www.nationalpennbancshares.com/ to see our regularly posted material information.
Cautionary Statement Regarding Forward-Looking Information:
This release contains forward-looking information about National Penn Bancshares, Inc. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should,'''' "project," "plan,'''' "goal," "potential," "pro forma," "seek," "intend,'''' or "anticipate'''' or the negative thereof or comparable terminology, and include discussions of strategy, financial projections, guidance and estimates(including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions, and statements about the future performance, operations, products and services of National Penn and its subsidiaries. National Penn cautions readers not to place undue reliance on these statements.
National Penn''s business and operations are subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to increased capital requirements mandated by National Penn''s regulators, National Penn''s ability to raise capital, variations in interest rates, continued deterioration in the credit quality of certain loans, the effect of credit risk exposure, declines in the value of National Penn''s assets, recent and ongoing changes to the state and federal regulatory schemes under which National Penn and other financial services companies operate, competition from other financial institutions, interruptions or breaches of National Penn''s security systems, and the development and maintenance of National Penn''s information technology. These risks and others are described in greater detail in National Penn''s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as well as in National Penn''s Quarterly Reports on Form 10-Q and other documents filed by National Penn with the SEC after the date thereof, including the Form 8-K filed with the SEC on September 8, 2009. National Penn makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
National Penn Bancshares, Inc.
CONTACT: Media, Catharine Bower, Communications Manager,
+1-610-369-6618, catharine.bower@nationalpenn.com; Investors, Michelle H.
Debkowski, Investor Relations, +1-610-369-6461,
michelle.debkowski@nationalpenn.com, both of National Penn Bancshares, Inc.
Web Site: http://www.nationalpennbancshares.com/
