National Penn Bancshares, Inc. has announced plans for some big moves in the next few years.
The financial company said Tuesday it will move its corporate headquarters from Boyertown, Berks Co., to downtown Allentown's new Two City Center building, next to the hockey arena.
In addition, National Penn will relocate around 125 employees to a new building on Broadcasting Road in Spring Twp., Berks Co., which will be known as the Reading Area Business Center.
The company plans to maintain approximately 150 employees in its current buildings in Boyertown.
The KNBT and Nittany Bank divisions will be renamed National Penn by spring 2013.
The headquarters will be located at Seventh and Hamilton streets and around 275 employees will relocate to the new building, scheduled for completion in spring of 2014.
The building will be 11 floors, totaling 300,000 square feet. The company plans to break ground in the fall of 2012.
“The economic benefits of relocating to Allentown’s Neighborhood Improvement Zone, combined with the strategy of operating under a single name, allows National Penn to be well positioned for future growth while maintaining our focus on expense management,” said Michael J. Hughes, National Penn’s group executive vice president and chief financial officer.
The Reading location will be three floors, with approximately 48,000 square feet. Proposed groundbreaking is fall of 2012, and will be completed by the fall of 2013.
National Penn Bancshares, Inc., with approximately $8.4 billion in assets, is a bank holding company based in Pennsylvania.
Headquartered in Boyertown, National Penn operates 120 branch offices -- 119 branches in Pa. and one branch in Maryland through National Penn Bank and its KNBT and Nittany Bank divisions.