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 4
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.