National Penn to Raise $100 Million

Community banking

National Penn Finally Leaves M&A Sidelines

The company spent years looking in vain for the right deal at the right price before finding TF Financial. The deal adds a healthy bank and a much-needed beachhead in New Jersey, though it also pushes National Penn closer to $10 billion in assets.

By Chris Cumming

June 4
Community banking

National Penn Swings to Profit, Expands Business Loans

National Penn Bancshares (NPBC) in Allentown, Pa., swung to a profit in the first quarter thanks to commercial loan growth and one-time factors that offset lower mortgage banking revenue.

By Sarah Todd

April 17
M&A

Baltimore Investors Win Bidding War for First Mariner

RKJS Bank, an interim company formed by a group of local Baltimore investors, won First Mariner's bankruptcy auction Tuesday after National Penn Bancshares (NPBC) in Allentown, Pa., withdrew its offer.

By Sarah Todd

April 17

National Penn Bancshares in Allentown, Pa., plans to raise $100 million through a debt offering.

The $8.6 billion-asset company said in a press release Monday that it may use the proceeds to finance future acquisitions. The offering includes unsecured senior notes that are set to mature in 2024.

National Penn recently announced plans to expand in the Mid-Atlantic region. In June it agreed to acquire the $846 million-asset TF Financial in Newtown, Pa. The deal would provide National Penn, which operates 111 branches in Pennsylvania and Maryland, with its first locations in New Jersey.

The company in April dropped its bid to buy the $997 million-asset First Mariner Bank in Baltimore, in a bankruptcy auction.

Sandler O'Neill & Partners and Credit Suisse Securities are serving as joint book-running managers for the offering.

Kristin Broughton

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