SANATOGA PA – National Penn Bancshares Inc., the parent company of National Penn Bank – which operates a branch office at 1830 E. High St. – filed papers Friday (Nov. 7, 2008) with the federal Securities and Exchange Commission (SEC) that would let it raise money by selling more shares of stock. The bank said the filing, called a universal automatic shelf registration statement, gave it “flexibility … to purse strategic opportunities in the future.”
At a time when some banks are failing and others are being closed by federal officials, being able to raise money to buy or invest in competing banks would be an advantage for National Penn. President Glenn E. Moyer said the company had “no public capital raises currently planned.” It is being considered, however, for participation in the Treasury Department’s program for funding to help banks buy other banks.
National Penn operates 124 community banking offices in Pennsylvania and one office in Maryland through National Penn Bank and its FirstService Bank, HomeTowne Heritage Bank, KNBT and Nittany Bank divisions.