SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 21, 1997
NATIONAL PENN BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-10957 23-2215075
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Ident. No.)
Philadelphia and Reading Avenues, Boyertown, PA 19512
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (610) 367-6001
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On November 21, 1997, effective at the close of business, National Penn
Bank ("Bank"), the wholly-owned banking subsidiary of National Penn Bancshares,
Inc. (the "Registrant"), acquired certain assets and assumed certain liabilities
of the Topton, Pennsylvania branch office of Patriot Bank ("Patriot"), pursuant
to a Branch Purchase and Deposit Assumption Agreement between the Bank and
Patriot dated August 28, 1997.
In this purchase and assumption transaction, the Bank paid Patriot a
premium equal to 7.5% of the deposits transferred to the Bank. Patriot paid cash
to the Bank equal to the amount of deposits, approximately $10.4 million
(including accrued interest), assumed. In addition, the Bank acquired the real
estate, building, furnishings, fixtures and equipment comprising Patriot's
Topton branch for approximately $282,500. All amounts due Patriot from the Bank
were deducted from the amount of cash paid to the Bank by Patriot for the
assumption of deposits.
The Bank intends to use the acquired assets and deposits in the
operation of its banking business. As the result of this acquisition, the Bank
currently operates 51 offices in an eight county area--Berks, Bucks, Chester,
Delaware, Lehigh, Montgomery, Northampton and Philadelphia counties,
Pennsylvania.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 - Press Release dated November 21, 1997 of National Penn
Bancshares, Inc.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATIONAL PENN BANCSHARES, INC.
By/s/Wayne R. Weidner
Wayne R. Weidner
Executive Vice President
Dated: November 21, 1997
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated November 21, 1997 of National
Penn Bancshares, Inc.
NATIONAL PENN BANK
letterhead
NEWS RELEASE
DIVISION:
FOR RELEASE: IMMEDIATE
CONTACT: Wayne R. Weidner, President & CEO (610) 369-6282
NATIONAL PENN BANK PURCHASES PATRIOT BANK'S TOPTON BRANCH
Boyertown, PA, November 21, 1997... National Penn Bank, Boyertown, PA,
today purchased the deposits and physical facility of Patriot Bank's branch
office located at 30 West Franklin Street in Topton, PA. This branch will open
for business as a National Penn branch on Monday, November 24.
Wayne R. Weidner, President and CEO of National Penn Bank, said the
acquisition will enable National Penn to consolidate its existing Mertztown
Office, located at 951 State Street, into the Topton Office. This is expected to
take place at the beginning of January. Customers will benefit from expanded
services including an ATM and safe deposit boxes. National Penn's recently
unveiled PC banking and telephone banking products for consumers also will be
available to this expanded market.
National Penn has been serving the Topton area through its Mertztown
location since 1974. The new consolidated Topton branch location will be more
centrally located for borough residents.
National Penn Bank operated 50 other offices in Berks, Bucks, Chester,
Delaware, Lehigh, Montgomery, Northampton, and Philadelphia Counties.
