National Penn Bancshares To Buy Back Shares - Quick Facts

(RTTNews) - National Penn Bancshares, Inc. (NPBC) reported the repurchase of 7 million shares or about 27% of the outstanding common shares owned by Warburg Pincus. The shares were bought at yesterday's closing price of $10.77. Warburg Pincus maintains a 13.6% ownership in National Penn.

National Penn's president & chief executive commented, "The deployment of this $75.4 million of excess capital is part of our previously announced capital management strategy." Michael Martin, Managing Director and Head of Warburg Pincus' financial services group, stated: "Since our initial investment in 2010, we have been pleased with National Penn's management team and its ability to generate shareholder value. We continue to view the company as a long-term investment and we look forward to participating in the company's future success."

Sandler O'Neill + Partners, L.P. served as financial advisor to National Penn with respect to this repurchase. Reed Smith LLP served as National Penn's legal advisor on this transaction.