CORRECTED – CORRECTED-UPDATE 1-National Penn Q4 loss widens

(Corrects throughout to remove reference to dividend. Also
corrects second bullet point to adj loss/share from adj EPS)

* Names Scott Fainor as CEO effective Jan. 27

* Q4 adj loss/shr $0.04 vs est $0.00

* Provision jumps 154 percent

* Shrs down 5 pct before the bell

Jan 28 (BestGrowthStock) – National Penn Bancshares Inc (NPBC.O: )
posted a wider-than-expected fourth-quarter loss, hurt by
higher provision for loan losses, and named a new chief

National Penn said Scott Fainor, who will take the top job
at the company from retiring CEO Glenn Moyer, joined the
company Wednesday.

Shares of the Boyertown, Pennsylvania-based company were
down 5 percent at $6.8 before the bell. They closed at $7.16
Wednesday on Nasdaq.

For the fourth quarter, the bank holding company said net
loss applicable to common share holders stood at $283.3
million, or $2.25 a share, compared with a loss of $36.2
million, or 45 cents a share, last year.

Excluding items, the company posted a loss of 4 cents per
share, the company said. On the same basis, analysts on average
expected National Penn to break even, according to Thomson
Reuters I/B/E/S.
National Penn took a goodwill impairment charge of $275
million in the quarter, and provision for loan losses more than
doubled to $47 million, the company said in a statement.

Allowance for loan losses stood at $146.3 million, up from
$125.5 million in the prior quarter.

Investment Tools
(Reporting by Archana Shankar in Bangalore; Editing by
Unnikrishnan Nair)

CORRECTED – CORRECTED-UPDATE 1-National Penn Q4 loss widens