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
executive.

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