National Penn to Close Nine Branches

By Paul Davis January 23, 2014, 12:47 p.m. EST 1 Min Read

Community banking

National Penn to Take 4Q Charge on Branch Closures

National Penn Bancshares (NPBC) in Boyertown, Pa., will take a fourth-quarter charge as it closes branches and prepares to move its headquarters.

By Chris Cumming

December 20
Community banking

CenterState in Florida Closing Seven Branches, Cutting 57 Jobs

CenterState Banks (CSFL) in Davenport, Fla., plans to close 13% of its branches and fire 57 employees.

By Sarah Todd

January 22
Community banking

Fulton in Pa. Closing 14 Branches Under $8M Cost-Cutting Plan

Fulton Financial (FULT) in Lancaster, Pa., has added its name to the growing list of banks closing branches to cut costs.

By Paul Davis

January 22

National Penn Bancshares (NPBC) in Boyertown, Pa., will close nine branches as it looks to cut costs.

The $8.6 billion-asset company said last month that it would shutter an unspecified number of branches. On Thursday, the company also said it would fire an undisclosed number of employees and consolidate its administrative facilities in a new corporate headquarters. The moves prompted National Penn to record a $6 million charge during the fourth quarter.

National Penn's fourth-quarter earnings fell 16% from a year earlier, to $21 million. Revenue fell 1.3% from a year earlier, to $86.8 million.

Excluding the restructuring charge, noninterest expenses fell by 0.8% from a year earlier, to $51.8 million.

CenterState Banks (CSFL) in Davenport, Fla., and Fulton Financial (FULT) in Lancaster, Pa., have also announced plans to trim their branch networks.

Paul Davis