BOYERTOWN, Pa., April 10 - National Penn Capital Advisors, Inc., a subsidiary of National Penn Bank, announced today that it has acquired RESOURCES for Retirement, Inc. (RESOURCES), a retirement plan investment advisory firm based in Newtown, Pa.
The acquisition, the price of which was not disclosed, will allow National Penn Capital Advisors to significantly expand its 401(k) business to larger companies, an area in which RESOURCES for Retirement excels.
RESOURCES for Retirement is one of the top 20 plan advisors in the country, and its staff includes some of most highly regarded leaders in the 401(k) field. RESOURCES president and founder, Trisha Brambley, is considered a pioneer in the development of 401(k) plans and is listed in Plan Sponsor Magazine as one of the most successful advisors in the country.
"RESOURCES for Retirement has a reputation for providing superior service and results for businesses and organizations across the country," said E. Vaughn Landes, senior vice president of National Penn Capital Advisors, which provides investment advisory and retirement planning services for individuals and businesses. "Just as we will benefit from their expertise as one of the best 401(k) consulting firms in the country, RESOURCES' clients will now have access to National Penn's wide range of wealth management and banking services."
According to Brambley, "We believe there is a growing need to develop and deliver solutions that help plan participants manage their assets throughout their retirement. The wealth management expertise of National Penn will certainly complement the plan expertise that RESOURCES is known for."
After the acquisition, RESOURCES for Retirement will retain its name and current leadership team while operating as a division of National Penn Capital Advisors, Inc.
RESOURCES for Retirement is a national firm headquartered in Newtown, Pa. RESOURCES provides services to plan sponsors who are looking for independent plan advisors. The company offers a full range of support including a fiduciary documentation process, investor education strategies, statistics for benchmarking plan practices, and retirement plan consulting.
National Penn Bancshares, Inc. (Nasdaq: NPBC) is a financial services company with $4.95 billion in assets operating 78 offices in Pennsylvania through National Penn Bank, as well as through the FirstService Bank, HomeTowne Heritage Bank, Nittany Bank and The Peoples Bank of Oxford divisions of National Penn Bank. The Peoples Bank of Oxford Division also operates one community office in Cecil County, Maryland. National Penn's investment management units, with combined client assets of approximately $2 billion, consist of National Penn Investors Trust Company, which provides trust and investment management services; National Penn Investment Services, which markets brokerage services provided by PrimeVest Financial Services, Inc.; National Penn Capital Advisors, Inc., which provides investment advisory services; and Vantage Investment Advisors, LLC, which provides fee-based investment management services. National Penn also provides mortgage banking activities through National Penn Mortgage Company; insurance services through National Penn Insurance Agency, Inc.; and equipment leasing services 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 the company's Web site at http://www.nationalpennbancshares.com.
