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National Penn Bancshares announces repurchase program, Q4 charge

National Penn Bancshares announced that its Board of Directors authorized the repurchase of up to 5% of the outstanding shares of National Penn during 2014. Additionally, National Penn announced that a non-recurring charge of approximately 3c per diluted share will be included in 4Q13 financial results. The charge is a result of previously discussed strategic actions involving the rationalization of the current expense base, including the consolidation of both branches and administrative facilities. Scott V. Fainor stated, “Although National Penn’s efficiency ratio has been very consistent and better than most of our peers, the current interest rate environment requires us to reduce expenses. We expect these expense reductions to offset this charge in a short time frame.”