BOYERTOWN, Pa., Sept. 1 /PRNewswire-FirstCall/ -- National Penn Bancshares, Inc. (Nasdaq: NPBC) announced today that Thomas A. Beaver, of Sinking Spring, Pa., has been named chairman of the board of National Penn Bancshares, Inc., effective September 1, 2009. He will assume the role formerly held by Wayne R. Weidner, who will continue as a director, vice chairman and a member of the executive committee. Also serving as vice chairman is Jeffrey Feather.

"This is an important step in the transition to my eventual retirement from the Board of Directors," said Weidner. "Tom understands National Penn's business model as well as the needs of our shareholders and clients. He's the right person to lead the board as National Penn navigates these challenging times."

Glenn E. Moyer, National Penn's President and CEO said, "On behalf of our management team, we support the Board's focus on corporate governance best practices, we thank Wayne for his leadership and we welcome Tom in his new role."

Beaver, 57, retired partner in the business consulting group and former CEO of Reinsel Kuntz Lesher LLP (regional CPA and consulting firm), joined the boards of National Penn and National Penn Bank in July 2005. In February 2008, he was named lead independent director, a position he has held since then.

"I've appreciated the opportunity to serve on the National Penn board these last four years and look forward to continuing in the role of chairman," said Beaver. "I'm especially honored to follow Wayne, who has been a leader in the community and in banking for nearly 50 years."

In addition to his role with National Penn, Beaver has served as a director and member of many other business and philanthropic organizations including past president of The Wyomissing Foundation, Inc.; past president of the Hawk Mountain Council, Boy Scouts of America; director and finance committee chairman of The Reading Hospital and Medical Center; and, with his wife, Cathy, former campaign co-chair of the United Way of Berks County. He received a bachelor of science degree in Civil Engineering and an MBA from Lehigh University.

About National Penn's Board of Directors:

National Penn's board consists of 15 directors, the majority of whom are independent, consistent with the guidelines for Nasdaq-listed companies. All directors are selected for their character, judgment, business experience and acumen, to give the Board expertise and experience in areas of strategic importance to National Penn.

About National Penn Bancshares, Inc.:

National Penn Bancshares, Inc., with $9.8 billion in assets, is the fourth largest bank holding company based in Pennsylvania. In addition, wealth assets under administration or management amount to $8.1 billion.

Headquartered in Boyertown, National Penn operates 127 offices. It has 124 community banking offices in Pennsylvania and one office in Maryland through National Penn Bank and its HomeTowne Heritage Bank, KNBT and Nittany Bank divisions. National Penn also has two offices in Delaware through its wholly-owned subsidiary Christiana Bank & Trust Company.

National Penn's financial services affiliates consist of National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Vantage Investment Advisors, LLC; Institutional Advisors LLC; National Penn Leasing Company; National Penn Insurance Services Group, Inc., including its Higgins Insurance division; and Caruso Benefits Group, Inc.

National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol "NPBC". Please visit our Web site at www.nationalpennbancshares.com to see our regularly posted material information.

SOURCE National Penn Bancshares, Inc.