Exhibit 21

National Penn Bancshares, Inc.

National Penn Bancshares, Inc.
	NPB Capital Trust III
	NPB Capital Trust IV
	NPB Capital Trust V
	NPB Capital Trust VI
	National Penn Investment Company
	Penns Trail Development Corporation
	National Penn Bank, including its divisions and subsidiaries --
		Institutional Advisors, LLC
		Link Financial Services, Inc.
			Link Abstract, L.P. - 80% owned by Link Financial Services, Inc.
		NPB Delaware, Inc.
		National Penn Wealth Management, N.A.
			National Penn Investors Trust Company (Division)
		National Penn Capital Advisors, Inc.
			RESOURCES for Retirement (Division)
		National Penn Insurance Services, Group, Inc.
			Caruso Benefits Group (Division)
			Higgins Insurance (Division)
		National Penn Management Services, LLC
		DFM Realty, Inc.
		National Penn Leasing
		National Penn Settlement Services, LLC
		Teragon Financial Corporation
			Third Fed Abstract - 75% owned by Teragon Financial Corporation
		Third Delaware Corporation