EQUITY

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

EQUITY

 EQUITY

In the first quarter of 2014, the Company paid a cash dividend of $0.10 per share, or $13.9 million, which was paid on February 14, 2014, to shareholders of record as of February 1, 2014.

Additionally on April 14, 2014, the Company announced a second quarter cash dividend of $0.10 per share to be paid on May 16, 2014, to shareholders of record as of May 3, 2014.

In the fourth quarter of 2013, the Board of Directors authorized the repurchase of up to five percent (5%) of the outstanding shares of National Penn common stock during 2014.On January 30, 2014, National Penn completed the repurchase of 7 million shares of its common stock from two affiliates of Warburg Pincus, at $10.77 per share (the closing price of National Penn common stock on the date the repurchase agreement was entered into).