Exhibit 99



                   National Penn Completes FirstService Merger


         BOYERTOWN, Pa., Feb 25, 2003. National Penn Bancshares, Inc. ("National
Penn") (Nasdaq: NPBC), parent company of National Penn Bank, announced today the
completion  of  the  merger  of  FirstService  Bank  into  National  Penn  Bank.
FirstService  is  a  highly  successful  $400  million  bank   headquartered  in
Doylestown,  Pennsylvania,  operating  seven  community  offices  in  Bucks  and
Montgomery counties.

         FirstService will retain its name and operate as a division of National
Penn Bank.  "We are excited  about this  promising  alliance  which will enhance
National   Penn's   existing   franchise  in  Bucks  and  Montgomery   counties,
Pennsylvania.  In addition,  FirstService's  service-oriented  emphasis on small
business  and retail  customers  is  consistent  with  National  Penn's  general
business  approach," Wayne R. Weidner,  Chairman,  President and CEO of National
Penn Bancshares, Inc., said.

         FirstService's   present   directors   will  be   appointed  to  a  new
FirstService  divisional  board of  directors.  Two members of the  FirstService
board of directors, John C. Spier and Alexander Rankin, will become directors of
both  National  Penn  Bancshares,  Inc. and National  Penn Bank.  FirstService's
President  and  CEO,  John  C.  Spier,  will  become  Chairman  and  CEO  of the
FirstService   Division.   He  will   also   become  a  Group   Executive   Vice
President/Corporate  Planning  Officer of National Penn Bank and will serve as a
member of the  Chairman's  Council,  and the  Management,  Asset/Liability,  and
Technology Steering Committees.

         FirstService  shareholders  will receive  .5954 share of National  Penn
common stock plus $3.90 for each share of FirstService common stock. As a result
of the merger, National Penn will issue approximately 2,563,000 shares of common
stock, with approximately 23,200,000 shares outstanding thereafter.

         FirstService  shareholders  will  receive a letter from  National  Penn
explaining what steps must be taken,  including all necessary  documentation  to
complete the exchange of their shares for National Penn shares and cash.




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         FirstService's  president and CEO, John C. Spier, said, "We have gained
an excellent  reputation for our  willingness to serve the local  community with
competitive  products  while  enhancing  the  quality of life in the  markets we
serve.  This  affiliation  will  enhance our product  offerings,  services,  and
delivery channels to both current and prospective customers. The increased level
of  total  resources  of the  merged  companies  will  enable  the  FirstService
franchise  to  better  serve  small  and large  business  customers,  as well as
individual  consumers,  by immediately  adding  electronic  banking services and
commercial  cash  management  products to our  existing  line of loan,  deposit,
insurance, and investment management businesses."

         Following  the merger,  National Penn  Bancshares,  Inc. will have $3.2
billion  in  assets.   National  Penn  now  operates  65  community  offices  in
southeastern  Pennsylvania  through National Penn Bank and the FirstService Bank
Division and two community offices in southeastern  Pennsylvania through Panasia
Bank N.A. Panasia Bank N.A. also operates four community offices in the northern
New  Jersey  marketplace  and one  office  in  Annandale,  Virginia.  Trust  and
investment  management  services are provided  through  Investors Trust Company;
brokerage services are provided through Penn Securities,  Inc.; mortgage banking
activities are provided through Penn 1st Financial Services, 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 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.




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