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Private equity, new regulatory costs and declining benefits from failed-bank deals are some of the big factors that will determine who buys and sells in the coming year.
December 31 -
National Penn Bancshares (NPBC) in Boyertown, Pa., will take a fourth-quarter charge as it closes branches and prepares to move its headquarters.
December 20 -
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 -
Private-equity groups are looking to cash out their bank holdings given the bullish stock market and bearish outlook for banking. But few will double their money like Warburg Pincus did with its investment in Webster Financial.
May 22 -
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., has bought back about $75.4 million of shares from the private-equity firm Warburg Pincus.
The $8.6 billion-asset National Penn
The price is the same as the closing price of National Penn common stock on Monday. Its shares rose one cent on Tuesday, to $10.78.
Warburg Pincus will own 13.6% of National Penn's outstanding common stock after the repurchase transaction.
"The deployment of this $75.4 million of excess capital is part of our previously announced capital management strategy," National Penn Chief Executive Scott Fainor said in a press release. "Our relationship with Warburg Pincus remains strong, and we look forward to their ongoing ownership in our company as we continue to focus on enhancing long-term shareholder value."
National Penn
National Penn's fourth-quarter earnings dropped 16% from the fourth quarter of 2012, to $21 million.
Michael Martin, managing director and head of Warburg Pincus' financial services group, said in the release that Warburg Pincus has been pleased with National Penn's ability to generate shareholder value and that Warburg Pincus continues to view National Penn as a long term investment.