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National Penn repurchases $75.4M in stock

By , - Last modified: January 29, 2014 at 9:58 AM
Scott V. Fainor, president and CEO of National Penn bancshares
Scott V. Fainor, president and CEO of National Penn bancshares

National Penn Bancshares Inc. of Boyertown has repurchased $75.4 million in shares owned by Warburg Pincus.

The repurchase of the 7 million shares at Monday's closing price of $10.77 represented about 27 percent of the outstanding shares of common stock owned by the private equity investment firm based in New York.

"The deployment of this $75.4 million of excess capital is part of our previously announced capital management strategy," said Scott V. Fainor, president and CEO of National Penn. "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."

Warburg Pincus maintains a 13.6 percent position in National Penn after the repurchase.

Michael Martin, managing director and head of Warburg Pincus' financial services group, said it continues to view National Penn as a long-term investment.

National Penn Bancshares Inc., with about $8.6 billion in assets, operates 120 branch offices (all in Pennsylvania except for one in Maryland).

Warburg Pincus has invested more than $45 billion in more than 675 companies worldwide.

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Stacy Wescoe

Stacy Wescoe

Writer and online editor Stacy Wescoe has her finger on the pulse of the business community in the Greater Lehigh Valley and keeps you up-to-date with technology and trends, plus what coworkers and competitors are talking about around the water cooler — and on social media. She can be reached at stacyw@lvb.com or 610-807-9619, ext. 4104. Follow her on Twitter at @morestacy and on Facebook. Circle Stacy Wescoe on .

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