National Penn Bancshares, Inc.
A Pennsylvania-based bank holding company that operated regional banking, trust, and wealth-management businesses before being acquired by BB&T.
Last updated August 26, 2026
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Overview
National Penn Bancshares, Inc., commonly known as National Penn or NatPenn, was an American financial services corporation headquartered in Allentown, Pennsylvania. Its principal business was a regional banking franchise serving customers in Pennsylvania, New Jersey, and Maryland. By 2015, the organization operated more than 120 branches, alongside online and mobile banking services, and had approximately $9.6 billion in assets. It was described as one of the larger banks headquartered in Pennsylvania and ranked among the largest banks in the United States by assets. The institution traced its origins to 1874, when it was established as The National Bank of Boyertown. It became a publicly traded company in 1982 and adopted the National Penn name in 1993. From 1990 onward, the company pursued an acquisition-led expansion strategy, completing twelve acquisitions and terminating one. This helped transform it from a local banking institution into a multistate regional financial-services company. Its offerings included commercial and retail banking, deposits, lending, treasury and related banking services, as well as digital banking through online and mobile channels. National Penn also operated specialized financial businesses. National Penn Investors Trust Company provided trust-related services, while National Penn Wealth Management served investment and wealth-management needs. These businesses complemented the core bank by broadening the company’s services for individuals, businesses, and institutional clients. In spring 2014, National Penn relocated its headquarters to downtown Allentown, consolidating its facilities in a single location. The move reinforced the company’s connection to the Lehigh Valley and placed its corporate operations in the center of the city. The company also maintained a community presence through charitable activity, including a 2015 donation of a new police headquarters to the Boyertown Police Department. National Penn’s independent corporate history ended after BB&T announced in August 2015 that it would acquire the company. The transaction was presented as a way for National Penn customers to gain access to a broader range of deposit, loan, insurance, and other financial products. National Penn’s leadership also cited the increasing cost of federal banking-compliance requirements as a factor supporting the transaction. BB&T expected the merger to generate approximately $65 million in savings, equivalent to about 30 percent of National Penn’s non-interest expenses, and job reductions were anticipated. The merger was expected to close by mid-2016. Following the acquisition, National Penn ceased operating as an independent publicly traded bank holding company.
History
National Penn originated in 1874 as The National Bank of Boyertown. The institution developed from a local Pennsylvania bank into a regional financial-services organization through organic growth and acquisitions. It became publicly traded in 1982 and adopted the National Penn name in 1993, reflecting the broader scope of the organization beyond its original Boyertown identity. Beginning in 1990, the company expanded through a series of acquisitions. It completed twelve acquisitions and terminated one, using this activity to build a multistate branch network and broaden its customer and product base. By 2015, National Penn operated 124 branches across Pennsylvania, New Jersey, and Maryland. Its business included consumer and commercial banking, deposit-taking, lending, and electronic banking through online and mobile platforms. The company also maintained separate trust and wealth-management operations through National Penn Investors Trust Company and National Penn Wealth Management. National Penn’s corporate center was moved to downtown Allentown in spring 2014. The relocation consolidated its facilities and placed the headquarters in a major commercial center of the Lehigh Valley. At approximately the same stage of its development, the company had grown to roughly $9.6 billion in assets and was identified as the fifth-largest bank headquartered in Pennsylvania and the seventy-second-largest bank in the United States by assets. The company’s independent history concluded with BB&T’s acquisition announcement in August 2015. BB&T was seeking to strengthen its presence in the mid-Atlantic, while National Penn’s management viewed the transaction as a practical means of giving customers access to a broader product set, including deposits, loans, and insurance. National Penn chief executive Scott Fainor also pointed to the financial burden of new federal banking-compliance requirements. BB&T projected approximately $65 million in savings, representing about 30 percent of National Penn’s non-interest expenses, although workforce reductions were expected. The merger was anticipated to close by mid-2016, after which National Penn was no longer an independent listed bank holding company.
- 2015
BB&T announces acquisition
[1]BB&T announced an agreement to acquire National Penn, ending the company’s period as an independent bank holding company.
- 2014
Headquarters moves to downtown Allentown
[1]National Penn consolidated its facilities in a new downtown Allentown headquarters.
- 1993
National Penn name adopted
[1]The company changed its name to National Penn, marking its development beyond its original local-bank identity.
- 1990
Acquisition-led expansion begins
[1]National Penn began a period during which it completed twelve acquisitions and terminated one.
- 1982
The company becomes publicly traded
[1]The bank holding company entered the public markets.
- 1874
The National Bank of Boyertown is founded
[1]The institution that later became National Penn was established in Boyertown, Pennsylvania.
Products and positioning
A Pennsylvania-rooted regional bank holding company combining branch-based retail and commercial banking with trust, wealth-management, and digital services.
Banking
Retail and commercial banking
National Penn’s core franchise served individuals, businesses, and other customers through a regional branch network in Pennsylvania, New Jersey, and Maryland. Services included deposit products, lending, and other everyday banking relationships delivered through branches and supported by electronic channels.
Digital banking
Online and mobile banking
The company complemented its physical branch network with online and mobile banking services, allowing customers to access banking functions through digital channels as the institution expanded its regional operating model.
Trust services
National Penn Investors Trust Company
National Penn Investors Trust Company was the organization’s trust-services business. It extended the company beyond conventional deposit and lending activities into fiduciary and related financial services.
Wealth management
National Penn Wealth Management
National Penn Wealth Management provided wealth-management services alongside the company’s banking operations, helping the organization serve customers with investment and broader financial-planning needs.
Brand decisions
2015
Accepting BB&T’s acquisition proposalM&ABackground
National Penn faced the increasing cost of federal banking-compliance requirements while BB&T sought to expand its mid-Atlantic presence.
Action taken
National Penn agreed to be acquired by BB&T, with the transaction expected to broaden customer access to deposit, lending, insurance, and other financial products.
Aftermath
BB&T projected approximately $65 million in savings, equal to about 30 percent of National Penn’s non-interest expenses. Workforce reductions were expected, and National Penn ceased to operate as an independent listed company after the merger.
Projected cost savings. $65 million projected annual savings (At the time of the 2015 acquisition announcement)
Recent events
- 2015
National Penn donates police headquarters to Boyertown[1]
Other
The company donated a new police headquarters to the Boyertown Police Department as part of its community-oriented charitable activity.
- 2015
BB&T announces acquisition of National Penn[1]
M&A · Leadership change
BB&T announced an agreement to acquire National Penn as part of its expansion in the mid-Atlantic region. The transaction was expected to provide National Penn customers with a wider range of banking and insurance products and was projected to produce approximately $65 million in cost savings.
- 2014
National Penn relocates headquarters to downtown Allentown[1]
Other
National Penn consolidated its facilities and moved its headquarters to downtown Allentown, Pennsylvania.
Sources1 sources
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