Monday, October 22, 2012

Regional bank moving its headquarters

National Penn Bancshares said Tuesday it will move its headquarters from Boyertown to Allentown, Pa., and rebrand all of its subsidiaries as National Penn.
National Penn said it will open a new Reading, Pa., area business center and maintain its commitment to Boyertown.
Bank President and CEO Scott V. Fainor said the relocation will improve employee collaboration, enhance customer service and maintain the bank’s focus on growing the National Penn franchise.
CFO Michael J. Hughes said National Penn will receive a “competitive” rent because the developer of the project is receiving tax breaks.
The KNBT and Nittany Bank divisions will be renamed “National Penn” by spring 2013. The bank is already known as National Penn in the Philadelphia region, where it is the 10th largest financial institution by deposits.

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