Private equity firm Warburg Pincus has invested the remaining $86.7m in National Penn Bancshares common stock, with the purchase of 14.33 million newly issued common shares.
This completed Warburg Pincus’ $150m total investment in National Penn announced in October 2010.
As a result, Warburg Pincus now owns approximately 16.4% of National Penn’s common stock.
Michael Martin, managing director and co-head of Warburg Pincus’ Financial Services Group, will be appointed to National Penn’s board of directors after receipt of all regulatory approvals that are part of this transaction.
National Penn Bancshares, with approximately $9bn in assets, is a bank holding company based in Pennsylvania.
Headquartered in Boyertown, National Penn operates 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.