October 7, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — National Penn Bancshares, Inc. (NASDAQ: NPBC) said it has executed an investment agreement with Warburg Pincus, a global private equity firm, under which Warburg Pincus has agreed to invest $150 million in National Penn through a direct purchase of newly issued common stock at $6.05 per share.

The price comes in at around the average closing price of the stock over the last 30 days. According to National Penn, an initial investment of $63.3 million will be funded within 10 days, with the remainder of the investment to be made after receipt of regulatory approvals, which are anticipated in the fourth quarter of 2010.

National Penn said that all of its capital ratios are improved by the Warburg Pincus investment, with the tangible common equity ratio increasing from 7.0% at June 30, 2010 to more than 8.7% pro forma for the investment and the total risk-based capital ratio increasing from 14.9% at June 30, 2010 to more than 18%.

The firm said that, assuming TARP is repaid, the firm’s tangible common equity ratio is approximately 8.9% and the total risk-based capital ratio of around 15.7% remains well above regulatory requirements.

As part of the transaction, Michael E. Martin, managing director and co-head of Warburg Pincus' Financial Services group, will join National Penn's board of directors, upon the second closing, to serve for an initial term through April 2013.

Pennsylvania-based National Penn Bancshares is a bank holding company that operates 127 offices. The firm 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 currently has two offices in Delaware through its wholly-owned subsidiary Christiana Bank & Trust Co.

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