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Shares Of National Penn Rise On Capital Raise

The Associated Press

BOYERTOWN, Pa. (AP) — Shares of National Penn Bancshares Inc. soared Thursday after executives said a stock offering raised $73 million.

The announcement was made Wednesday evening.

National Penn stock rose $1.35, or almost 38 percent, to $4.95 in late afternoon trading.

The offering was first made in November of last year. The Pennsylvania-based bank offered its common stock at a 10 percent discount with the goal of raising up to $75 million by the end of this year.

The offering closed ahead of schedule June 12 after $72.8 million was raised, National Penn said.

"We believe this success reflects National Penn's favorable standing with the investment community based on the overall quality of our franchise in the mid-Atlantic region," Glenn E. Moyer, president and CEO, and Scott V. Fainor, senior executive vice president and chief operating officer, said in a joint statement.

National Penn provides commercial banking services in southeastern Pennsylvania and Maryland.