National Penn Replaces CFO

BOYERTOWN, Pa. (AP) — National Penn Bancshares Inc., which operates banks in Pennsylvania and elsewhere, said Wednesday it is replacing its chief financial officer, effective Aug. 31.

Michael J. Hughes, 53, will become CFO. He was previously CEO at BSCV Inc. and chief restructuring officer at Boscovs Department Store, where he oversaw the company's restructuring and bankruptcy case.

He replaces Michael R. Reinhard, who will continue at National Penn as executive vice president and treasurer with responsibilities for finance and corporate planning.

Last month the company reported a second-quarter net loss after preferred dividends of $9.6 million, compared with a year-ago profit of $27.2 million, hurt by the banking sector slump and higher charges for credit losses.