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 --
			DBA National Penn Investors Trust Company
		Institutional Advisors, LLC
		Link Financial Services, Inc.
			Link Abstract, L.P. - 80% owned by Link Financial Services, Inc.
		NPB Delaware, Inc.
		National Penn Capital Advisors, Inc.
			RESOURCES for Retirement
		National Penn Insurance Services, Group, Inc.
		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