Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

The Associated Press October 6, 2010, 4:45PM ET

Warburg Pincus invests in National Penn Bancshares

Private-equity firm Warburg Pincus will invest $150 million in National Penn Bancshares Inc. for a 16.4 percent stake in the operator of banks in Pennsylvania and elsewhere.

National Penn said Wednesday Warburg Pincus will buy 24.8 million newly issued common shares at $6.05 per share. It will pay for its initial investment of $63.3 million within 10 days and then pay for the rest of the investment after regulators approve the deal. That should come in the fourth quarter.

Bank CEO Scott V. Fainor said the extra money will speed up its repayment to the U.S. Treasury for its TARP investment, among other things.

The company said as part of the deal, Michael E. Martin, managing director and co-head of Warburg Pincus' Financial Services group, will join the bank's board. He will serve an initial term through April 2013.

Sandler O'Neill & Partners LLP served as financial adviser while National Penn's legal counsel was Reed Smith LLP.

Shares of National Penn rose 11 cents to $6.48 in afternoon trading Wednesday.


BW Mall - Sponsored Links

Buy a link now!