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National Penn Bancshares, the $8.4 billion-asset parent company of National Penn Bank, said Tuesday it plans to move its headquarters to Allentown, Pa. from Boyertown, Pa.
October 16 -
National Penn Bancshares (NPBC) in Boyertown, Pa., reported a slightly lower quarterly profit as its mortgage fees fell, but it still met Wall Street's earnings forecasts.
October 25 -
National Penn Bancshares in Boyertown, Pa., lost more than $17 million in the first quarter after restructuring its debt.
April 19
National Penn Bancshares (NPBC) in Boyertown, Pa., will take a fourth-quarter charge as it closes branches and prepares to move its headquarters.
The $8.4 billion-asset company said Friday that it will record a charge of 3 cents a share due to the consolidation of offices and other expense-reduction efforts. National Penn did not say how many branches it would close, and it did not elaborate on the proposed expense reductions.
National Penn is closing branches because "the current interest rate environment requires us to reduce expenses," Chief Executive Scott Fainor said in a press release. "We expect these expense reductions to offset this charge in a short time frame."
The company also said it would buy back up to 5% of its shares outstanding next year.
National Penn said last year that it
National Penn's overhead costs were $53.6 million in the third quarter, a slight increase from a year earlier, because of to increased compensation and occupancy expenses. National Penn has 120 branches.
