Jan 3, 2005 – National Penn Bancshares acquires Krombolz Agency
Press Release Source: National Penn Bancshares, Inc.
National Penn Acquires Chester County Insurance Firm
Krombolz Agency, Inc.
Monday January 3, 11:07 am ET
BOYERTOWN, Pa., Jan. 3 /PRNewswire-FirstCall/ — National Penn Bancshares, Inc.
(Nasdaq: NPBC – News), parent company of National Penn Bank, today announced that
it has acquired Krombolz Agency, Inc. (KAI), a 70-year-old, family-owned insurance
firm based in West Chester, Pa. The acquisition adds another firm to National Penn
Bank’s growing insurance group.
KAI will operate as a division of National Penn Insurance Agency, Inc., an affiliated
insurance agency and non-bank subsidiary of National Penn Bank. Ernest H. (Skip)
Krombolz, Jr., president of KAI, will remain as president of the Krombolz Agency
“The addition of KAI to our insurance group will allow us to offer our Chester County
customers additional services from a quality firm they’re already familiar with,” said
Mark S. Swartley, president of National Penn Insurance Agency, Inc. “Not only does
KAI have an excellent reputation with its customers, it also has formed good
relationships with National Penn’s Chester County division president Nancy Corson and
The acquisition is part of National Penn’s broad strategy to be customer focused,
according to Glenn E. Moyer, president, National Penn Bancshares. “We are responding
to customers’ requests for services that complement and enhance our traditional banking
relationships,” Moyer said. This is the third insurance agency that National Penn has
acquired in the last nine months. It added Pennsurance, a Berks County agency, in July,
and D.E. Love Associates, of Yardley, Bucks County, in December.
KAI, which has seven employees, offers property, liability, workers’ compensation, auto
and bonding services, as well as individual life and health products. The majority of
KAI’s business is focused on the commercial market.
“Knowing National Penn as well as we do, we recognize that we have similar beliefs in
doing business the right way and wanting to help customers succeed over the long term,”
said KAI President Skip Krombolz. “These shared values will benefit our customers as
well as both of our organizations.”
Mystic Capital Advisors Group, LLC provided acquisition advisory services to National
Penn Insurance for the transaction.
National Penn Bancshares, Inc. is a $4.34 billion financial services company operating 73
community offices in southeastern Pennsylvania through National Penn Bank and its
FirstService Bank, HomeTowne Heritage Bank, and The Peoples Bank of Oxford
Divisions. The Peoples Bank of Oxford Division also operates one community office in
Cecil County, Maryland. National Penn’s trust and investment management services are
provided through Investors Trust Company and FirstService Capital, Inc.; brokerage
services are provided through National Penn Investment Services; mortgage banking
activities are provided through National Penn Mortgage Company; insurance services are
provided through National Penn Insurance Agency, Inc., and equipment leasing services
are provided through National Penn Leasing Company. National Penn Bancshares, Inc.
common stock is traded on the NASDAQ Stock Market under the symbol “NPBC.”
Additional information about the National Penn family is available on National Penn’s
Web site at http://www.nationalpennbancshares.com.
This press release contains forward-looking statements concerning future events. Actual
results could differ materially due to the following risks and uncertainties — deteriorating
economic conditions; increased competition; interest rate movements; market volatility in
the securities markets; legislative or regulatory developments; merger-related synergies,
savings and integration issues; technological changes; and other risks and uncertainties
discussed in National Penn’s reports filed from time to time with the Securities and
Exchange Commission. National Penn cautions readers not to place undue reliance on
these statements. National Penn undertakes no obligation to publicly release or update
any of these statements.
Source: National Penn Bancshares, Inc.