Key Developments For National Penn Bancshares, Inc.
National Penn Bancshares, Inc. (NPBC.O) (Nasdaq)
National Penn Bancshares Announces Closing Of Underwriters' Exercise Of Over-Allotment Option
National Penn Bancshares announced the closing of the underwriters' exercise of their over-allotment option to purchase an additional 4,005,000 shares of National Penn's common stock at a purchase price of $5.25 per share. The over-allotment option was granted in connection with National Penn's previously announced public offering of 26.7 million shares of its common stock at $5.25 per share. National Penn expects net proceeds from the offering, including the exercise of the over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses to be approximately $153.1 million. Sandler O'Neill + Partners, L.P. acted as sole book-running manager and J.P. Morgan Securities Inc.
National Penn Bancshares Completes $140.2 Million Stock Offering
National Penn Bancshares announced the closing of its previously announced public offering of 26.7 million shares of its common stock at $5.25 per share. The shares sold do not include approximately 4.0 million shares which may be purchased by the underwriters within 30 days pursuant to their over allotment option. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $133.1 million. Sandler O'Neill + Partners, L.P. acted as sole book running manager.
National Penn Bancshares Announces Pricing Of Common Stock Offering
National Penn Bancshares announced that it has priced a public offering of 26.7 million shares of common stock at $5.25 per share for gross proceeds of approximately $140.2 million. The Company expects to close the sale of the shares of common stock on or about September 15, 2009, subject to customary closing conditions. Sandler O'Neill + Partners, L.P. is acting as the lead book-running manager and J. P. Morgan and Keefe, Bruyette & Woods are acting as co-managers for the offering. The underwriters will have a 30-day option to purchase up to an additional 4.00 million shares of common stock from the Company at the offering price to cover over-allotments, if any.
National Penn Bancshares Announces Common Stock Offering
National Penn Bancshares announced its intention to commence a public offering of approximately $125 million of its common stock. Sandler O'Neill + Partners, L.P. is acting as sole book-running manager and J.P. Morgan Securities Inc. and Keefe, Bruyette & Woods, Inc. are acting as co-managers for the offering. The underwriters will have a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any. National Penn expects to use the net proceeds from this offering for general corporate purposes which may include, among other uses, making investments at the holding company level, providing capital to support National Penn's subsidiaries, including National Penn Bank, supporting asset and deposit growth, engaging in acquisitions or other business combinations, reducing or refinancing existing debt or the repurchase of the Series B Preferred Stock and the warrant issued to the U.S. Treasury pursuant to National Penn's participation in the U.S. Treasury's TARP Capital Purchase Program.
National Penn Bancshares Announces Appointment Of Chairman
National Penn Bancshares announced that Thomas A. Beaver, has been named Chairman of the Board of National Penn Bancshares, Inc., effective September 1, 2009. He will assume the role formerly held by Wayne R. Weidner, who will continue as a Director, Vice chairman and a member of the executive committee.
