|By Sam Kennedy, The Morning Call (Allentown, Pa.)|
|McClatchy-Tribune Information Services|
The holding company disclosed last week it had received all prerequisite approvals for the merger -- from the
The merger, expected to close
"This number is consistent with and part of the estimated cost savings we previously announced in June," National Penn CEO
About 70 positions are open with National Penn, and those employees who are losing their jobs have been encouraged to apply for them, Fainor said. "National Penn has a culture of valuing employees and a history of doing everything we can to help them find new jobs within National Penn when necessary."
Previously based in
In April, it launched an ultimately failed bid to buy 1st
Continued growth through acquisition appears likely. National Penn took steps last week to raise
The money will go toward "general corporate purposes, which may include financing of possible acquisitions," the bank stated in a news release.
"We feel our company remains very strong ... . It's positioned for growth, and this will help us to do that," National Penn CEO
National Penn has more than 100 branches in
In terms of market share, it's the
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