Year later, National Penn’s move to Allentown a hit

CONTRIBUTED PHOTO/ Part of National Penn's relocation strategy included the building and opening of its Reading Area Business Center in Spring Township, which opened in April 2014 and has 140 employees.

As the pioneers of a movement to reinvest in a distressed downtown Allentown, National Penn Bancshares Inc. was the first company to move into a new building in the city a little more than a year ago.

As the pioneers of a movement to reinvest in a distressed downtown Allentown, National Penn Bancshares Inc. was the first company to move into a new building in the city a little more than a year ago.

The gamble paid off.

Allentown introduced the financial incentives offered through the Neighborhood Improvement Zone several years ago – but to some it appeared to be risky. National Penn, though, seized the opportunity and in March 2014 opened new corporate headquarters at Two City Center, an 11-story office tower at the corner of Seventh and Hamilton streets in the downtown.

Today, the bank’s leader said it was the right move at the right time.

“This was part of an overall corporate relocation strategy,” said Scott Fainor, president and CEO of National Penn Bancshares Inc. “We feel great about all the strategic moves we’ve made.”

Here’s why:

The bank is pleased with the facility, noting that the centralized location offers opportunities for increased teamwork and collaboration.

The employees like the new home and feel safe in the urban environment.

National Penn retained its Berks County presence at its former headquarters in Boyertown and built a new facility in Spring Township. The result is an overall boost to employment figures from its relocation plan.

The ancillary impact on Allentown has been positive for other businesses, as well as leading the way for what to date has been $1 billion in new and planned investment in office, retail and residential projects in the downtown.

Brian Pedersen
Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 4108.

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