BOYERTOWN, Pa.--(BUSINESS WIRE)--National Penn Bancshares, Inc. (Nasdaq: NPBC) announced today that its Board of Directors has increased the second quarter cash dividend to seven cents per common share from five cents per common share. The dividend is payable to shareholders of record as of May 5, 2012 and will be paid May 17, 2012.
Additionally, the Board of Directors authorized the repurchase of up to 7.5 million shares of National Penn’s common stock throughout 2012. This represents approximately five percent (5%) of the total number of shares outstanding.
“These actions, including this 4th consecutive quarterly dividend increase, are part of our capital management strategy to enhance shareholder value by returning capital to our shareholders while maintaining the strength of our balance sheet,” said Scott V. Fainor, president and CEO of National Penn. “National Penn remains very well positioned with a capital base stronger than many banks of similar size which enables us to further evaluate capital management and growth opportunities.”
Stock repurchases may be made by National Penn from time to time in various ways including in open market or negotiated transactions, subject to any applicable regulatory reviews and/or requirements and in accordance with federal securities laws. Stock repurchases, and the amount and timing of any repurchases, will be dependent on factors including the company’s capital position and needs, market conditions, and other capital management objectives and opportunities.
About National Penn Bancshares, Inc.:
National Penn Bancshares, Inc., with approximately $8.5 billion in assets, is a bank holding company based in Pennsylvania. Headquartered in Boyertown, National Penn operates 121 branch offices comprising 120 branches in Pennsylvania and one branch in Maryland through National Penn Bank and its KNBT and Nittany Bank divisions.
National Penn’s financial services affiliates are National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors LLC; National Penn Insurance Services Group, Inc., including its Higgins Insurance division; and Caruso Benefits Group, Inc.
National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol “NPBC”. Please visit our Web site at www.nationalpennbancshares.com to see our regularly posted material information.
Cautionary Statement Regarding Forward-Looking Information:
This release contains forward-looking information about National Penn Bancshares, Inc. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” ”could,” “plan,” “goal,” “potential,” “pro forma,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions, and statements about the future performance, operations, products and services of National Penn and its subsidiaries. National Penn cautions readers not to place undue reliance on these statements.
National Penn’s business and operations are subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: increased capital requirements and other requirements or actions mandated by National Penn’s regulators, National Penn’s ability to raise capital and maintain capital levels, variations in interest rates, deterioration in the credit quality of loans, the effect of credit risk exposure, declines in the value of National Penn’s assets and the effect of any resulting impairment charges, recent and ongoing changes to the state and federal regulatory schemes under which National Penn and other financial services companies operate (including the Dodd-Frank Act and regulations adopted or to be adopted to implement that Act), competition from other financial institutions, interruptions or breaches of National Penn’s security systems, and the development and maintenance of National Penn’s information technology. These risks and others are described in greater detail in National Penn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as well as in National Penn’s Quarterly Reports on Form 10-Q and other documents filed by National Penn with the SEC after the date thereof. National Penn makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.