National Penn Bancshares (Nasdaq: NPBC) Reports Third Quarter Results

National Penn Bancshares, Inc. (Nasdaq: NPBC) reported a net loss of $65.2 million for the third quarter 2009. This loss, after payment of dividends on preferred stock issued to the U.S. Treasury under its Capital Purchase Program, represents a loss of $0.65 per diluted common share. For the first nine months of 2009, National Penn's net loss attributable to common shareholders, after dividends on the preferred stock issued to the U.S. Treasury, amounted to $73.1 million, or a loss of $0.81 per diluted common share.  National  Penn successfully Raises $153 Million in Additional Capital During Quarter. Therefore the Board Declares One Cent Per Common Share Cash Dividend

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National Penn's management has decided to dispose of its collateralized debt obligation portfolio. This action has resulted in a charge to earnings in the amount of $84.7 million pre-tax, or $55.0 million after tax, in the third quarter, which is the largest contributing factor to National Penn's net loss for the quarter and year-to-date in 2009. Capital levels, as a result of this action, have been reduced by $18.0 million due to the previous fair value charges already reflected in capital. Upon the sale of a portion of these securities, National Penn expects to receive a cash refund of previously paid taxes, approximately $27.0 million.Glenn E. Moyer, President and CEO, stated, "In addition to the difficult regional economic and operating environment, third quarter results were affected by a number of significant steps we believe will further reinforce National Penn's financial strength, but which negatively affected earnings in the short-run. National Penn's Board and executive management remain committed to taking proactive and decisive actions to address the challenges that National Penn, like others in our industry, continues to face. We believe our solid capital levels, the foundation of our financial strength, support these important strategies."

National Penn Bancshares, Inc., with $9.7 billion in assets, is the fourth largest bank holding company based in Pennsylvania. In addition, wealth assets under administration or management amount to $8.5 billion.Headquartered in Boyertown, National Penn operates 127 offices. It has 124 community banking offices in Pennsylvania and one office in Maryland through National Penn Bank and its HomeTowne Heritage Bank, KNBT and Nittany Bank divisions. National Penn also has two offices in Delaware through its wholly-owned subsidiary Christiana Bank & Trust Company. National Penn's financial services affiliates consist of National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Vantage Investment Advisors, LLC; Institutional Advisors LLC; National Penn Leasing Company; National Penn Insurance Services Group, Inc., including its Higgins Insurance division; and Caruso Benefits Group, Inc.

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