National Penn Bancshares, Inc. Redeems Its $150M of Preferred Stock Issued Under TARP Capital Purchase Program

National Penn Bancshares, Inc. NPBC today announced that it redeemed the entire $150 million of National Penn Series B Preferred Stock issued to the U.S. Treasury under its TARP Capital Purchase Program for $150.6 million, including approximately $650,000 of accrued and unpaid dividends.

The redemption will eliminate $8 million annually in cash preferred dividends and associated expenses.