National Penn Bank announced on Tuesday, October 16, that they will move their corporate Headquarters to downtown Allentown into the new Two City Center building being built as part of the arena project at Seventh and Hamilton Streets. The company will relocate 275 employees form its current home in Boyertown.
“We’re glad to welcome National Penn to Allentown,” said Mayor Pawlowski. “This is great news to have a bank based in Center City again. It’s another sign of the turnaround that Allentown is experiencing, and we’re happy to have them as the first tenants in the new building.”
Center City Two is expected to be completed in the Spring of 2014, and will be part of the arena complex that will also include a hotel.
The company also announced a restructuring plan that will also include a new building in Spring Township Berks County, and will consolidate all the company’s divisions under one name, “National Penn.”
“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.
National Penn Bancshares, Inc., with approximately $8.4 billion in assets, is a bank holding company. It operates 120 branch offices comprising 119 branches in Pennsylvania and one branch in Maryland through National Penn Bank and its KNBT and Nittany Bank divisions.