National Penn Bancshares Inc from Boyertown has announced that it is moving. The corporate relocation plan that has been revealed will see the headquarters of National Penn move to Allentown. This includes the opening of a brand new business center in Reading Area in addition to a reaffirmation of the company’s long-term commitment to Boyertown. At the same time, the firm has also announced that it has plans to rename all its divisions with the moniker National Penn.
“National Penn is committed to our vision of being the most highly regarded financial institution in the markets we serve,” says the president and chief executive officer of National Penn, Scott V Fainor. “As a result we have developed a forward thinking relocation plan that will improve employee collaboration, enhance customer service and maintain our strong focus on growing the National Penn franchise. This strategy will increase efficiencies and allow us to continue our focus on enhancing shareholder value as we solidify our National Penn brand.”
The Nittany Bank and KNBT divisions are to be given their brand new name of National Penn by the spring of next year. The corporate relocation plan does not call for any loss of jobs and expects all of the corporate moves to have been fully completed by the time that fall of 2014 rolls around. The corporate headquarters of National Penn are to make their move to Seventh and Hamilton Streets, which are located in the downtown of Allentown, with around 275 employees in total expected to be relocated to the brand new Two City Center building, which it is anticipated will have been fully completed by the spring of 2014. National Penn intends to continue to maintain its approximately 150 employees who work in the firm’s current locations in Boyertown, with the company anticipating that it will relocate around 125 of its employees to a brand new location on Broadcasting Road, which is situated in Spring Township in Berks County. This is another site that is currently under construction and is expected to have been completed fully by the fall of next year. The new building is to be referred to under the moniker of the Reading Area Business Center.
The chief financial officer and executive vice president of the National Penn group, Michael J Hughes, says that the economic benefits which will be gained by the move to the Neighborhood Improvement Zone in Allentown will combine with the plan to operate under a single name in order to make sure that National Penn is in the best possible position for future expansion, while at the same time still allowing it the company to maintain its focus on expense management. National Penn Bancshares Inc is a bank holding company with approximately $8.4 billion in assets and is based in Pennsylvania. The company operates 120 branch offices in Pennsylvania, with another branch in Maryland via National Penn Bank, in addition to its Nittany Bank and KNBT divisions.