Penn National Bank
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penn national bank
National Penn Bancshares, Inc. (referred to as National Penn or NatPenn) was an American financial services corporation, with assets (as of April 14, 2015) of approximately $9.6 billion. National Penn operations include a regional banking franchise operating primarily in three states with more than 130 branches, as well as online and mobile services. It also operated a trust company (National Penn Investors Trust Company) and a wealth management division (National Penn Wealth Management).
By assets, National Penn is the seventy-second largest bank in the United States, and the fifth largest bank headquartered in Pennsylvania. National Penn is based in Allentown. National Penn trades on NASDAQ under the symbol NPBC. In August 2015, it was announced National Penn had been acquired by BB&T.
National Penn was founded in 1874 as The National Bank of Boyertown. The company went public in 1982, and changed its name to National Penn in 1993. The bank has completed twelve acquisitions since 1990, and terminated one. By 2015, National Penn had grown into 124 branches in Pennsylvania, New Jersey and Maryland, and the bank had $9.6 billion in assets.
In the spring of 2014, National Penn moved its headquarters to downtown Allentown, consolidating their facilities in one location. In August 2015, it was announced National Penn had been acquired by BB&T, which was expanding its presence in the mid-Atlantic states. National Penn CEO Scott Fainor said the deal was practical because BB&T could offer customers a wider range of products and services, such as deposit, loan and insurance offerings. Additionally, he said, new federal banking compliance rules would have cost National Penn millions of dollars annually. The merger is expected to close by mid-2016. BB&T seeks to achieve cost savings of about 30 percent of National Penn's non-interest expenses, totaling $65 million. As a result, job cuts are expected.
"Truist Advisors" may be officers and/or associated persons of the following affiliates of Truist, Truist Investment Services, Inc., and/or Truist Advisory Services, Inc. Truist Wealth, International Wealth, Center for Family Legacy, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are trade names used by Truist Bank, Truist Investment Services, Inc., and Truist Advisory Services, Inc.
Truist Securities is a trademark of Truist Financial Corporation. Truist Securities is a trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries. All rights reserved. Securities and strategic advisory services are provided by Truist Securities, Inc., member FINRA and SIPC. Lending, financial risk management, and treasury management and payment services are offered by Truist Bank. Deposit products are offered by Truist Bank.
12. Central Penn National Bank (formerly Central-Penn National Bank of Philadelphia) is a national banking association organized and doing business under the provisions of the National Bank Act. It has its principal office and place of business in Montgomery County, Pennsylvania.
16. Lehigh Valley Trust Company was a banking corporation organized and doing business under the laws of the Commonwealth of Pennsylvania, with its principal office and place of business in Lehigh County, Pennsylvania. On December 20, 1968 Industrial Valley Bank became the successor by merger to Lehigh Valley Bank. (Hereafter the merged and the surviving banks will be referred to as IVB).
22. (a) Franklin National Bank is a national banking corporation with its principal office and place of business in Nassau County, New York. Pursuant to a merger as of June 30, 1967, it is the successor in interest to Federation Bank and Trust Company (hereafter the merged and the surviving banks will be referred to as Franklin).
In BB&T, the Lehigh Valley also will see the presence of another Fortune 500 company. BB&T is one of the largest financial services holding companies in the U.S. with $209.9 billion in assets and market capitalization, plus a variety of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.
The failure of Penn Square Bank of Oklahoma City had a devastating effect on the U.S. banking system when the bank was declared insolvent on July 5, 1982. The ill-fated financial institution started in 1960 in a shopping mall. Penn Square Bank had a drive-up window to make transactions more convenient for suburban housewives with children to manage. In 1975 William Paul "Bill" Jennings purchased the bank and began to finance oil exploration and drilling. The bank made loans and then sold shares in the loans to other banks. As payments came in, Penn Square charged a fee to divide up the funds among the banks according to their share or "participation." This allowed Penn to originate over $2 billion worth of these investments.
By the late 1970s the federal Office of the Comptroller of the Currency's examinations indicated that Penn Square Bank was overextended. When oil prices dropped in 1981, the situation quickly turned desperate. Depositors withdrew $50 million in May 1982, and by July examiners knew the bank could not survive. They spent the Fourth of July weekend setting up the closure of Penn Square and forming a new bank so that the Federal Deposit Insurance Corporation (FDIC) could pay the $207 million that was due to insured depositors. Uninsured deposits of $163 million were not paid.
The oil loan shares caused problems for numerous other banks and precipitated a crisis in the entire banking system. Seattle First National Bank (Seafirst) in Washington was one of the first failures to result from losses on the participations. Soon after, Continental Illinois National Bank and Trust Company in Chicago, which had participated in the loans in the amount of almost $1 billion, became the largest bank failure in U.S. history up to that time, and the first bank to be actually acquired and operated as a federal government enterprise. Penn Square Bank's failure resulted in the revision of Oklahoma's banking laws and tighter regulatory control on the nation's banks through the passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and the Federal Deposit Insurance Corporation Improvement Act of 1991.
Copyright to all articles and other content in the online and print versions of The Encyclopedia of Oklahoma History is held by the Oklahoma Historical Society (OHS). This includes individual articles (copyright to OHS by author assignment) and corporately (as a complete body of work), including web design, graphics, searching functions, and listing/browsing methods. Copyright to all of these materials is protected under United States and International law.
(i) PNC Bank is a national banking association organized, validly existing and in good standing under the laws of the United States, and is FDIC insured, and has the requisite corporate power and authority to enter into this Agreement;
(ii) Violation by PNC Bank, its officers, directors, and employees, of any applicable law, rule, regulation or administrative order or any statement, letter or guidelines issued by applicable bank regulatory authority in connection with performance under this Agreement; or
(a) If a party breaches any material covenant in this Agreement and fails to remedy same within twenty (20) calendar days after receipt of written notice of such breach from the non-breaching party, or if the same is not reasonably capable of being cured within twenty (20) calendar days, and the breaching party fails to commence to remedy same within twenty (20) calendar days and diligently prosecute the remedying of the breach until the same is remedied, the non-breaching party may, at its option, declare this Agreement terminated without prejudice to any additional remedy which may be available to the non-breaching party. (b) In the event that a party shall become insolvent, bankrupt or make any assignment for the benefit of creditors, or if its interest hereunder shall be levied upon or sold under execution or other legal process, without prejudice to any additional remedy which may be available to the other party, the other party may declare this Agreement terminated.
Endowed by the former Penn State Shenango Minority Affairs Community Advisory Board, this award will recognize a freshman student who has attained a 2.5 high school grade-point average or better. Preference will be given to student whose ethnic, cultural, and/or national background contribute to the diversity of the Penn State Shenango student body.
The bank made a $5,000 gift through the Educational Improvement Tax Credit Program to Penn College Dual Enrollment, which enables academically qualified high school and career technology center students to take Penn College courses tuition-free during their regular school day.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Penn describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to receive, or delays in obtaining, the regulatory approvals required to own, develop and/or operate our facilities, or other delays or impediments to completing our planned acquisitions or projects, including favorable resolution of any related litigation and/or enforcement of contingent settlement agreements; our ability to secure state and local permits and approvals necessary for construction; construction factors, including delays, unexpected remediation costs, local opposition and increased cost of labor and materials; the passage of state, federal or local legislation (including referenda) that would expand, restrict, further tax, prevent or negatively impact operations in or adjacent to the jurisdictions in which we do business (such as a smoking ban at any of our facilities) or in jurisdictions where we seek to do business; the effects of local and national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular; the activities of our competitors and the emergence of new competitors; our ability to identify attractive acquisition and development opportunities and to agree to terms with partners for such transactions; the costs and risks involved in the pursuit of such opportunities and our ability to complete the acquisition or development of, and achieve the expected returns from such opportunities; our expectations for the continued availability and cost of capital; the maintenance of agreements with our horsemen, pari-mutuel clerks and other organized labor groups; the outcome of pending legal proceedings; changes in accounting standards; our dependence on key personnel; the impact of terrorism and other international hostilities; the impact of weather; and other factors as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law. 041b061a72