SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported) January 21, 2004
                                                        ----------------

                         NATIONAL PENN BANCSHARES, INC.
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             (Exact name of registrant as specified in its charter)


           Pennsylvania             000-22537-01         23-2215075
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    (State or other jurisdiction    (Commission     (I.R.S. Employer
         of incorporation)          File Number)       Ident. No.)


        Philadelphia and Reading Avenues, Boyertown, PA        19512
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        (Address of principal executive office)         (Zip Code)


       Registrant's telephone number, including area code (610) 367-6001
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                                       N/A
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         (Former name or former address, if changed since last report)



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Item 12.  Results of Operations and Financial Condition
- -------------------------------------------------------

     On Janaury 21, 2004, National Penn Bancshares,  Inc. issued a press release
reporting  on its results of  operations  for the year ended  December 31, 2003.
This press  release is furnished  in this  report,  pursuant to this Item 12, as
Exhibit 99.




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                                    SIGNATURE


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                                NATIONAL PENN BANCSHARES, INC.


                                                By /s/Wayne R. Weidner
                                                --------------------------
                                                Name: Wayne R. Weidner
                                                Title: Chairman and CEO



Dated:  January 21, 2004



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                                  EXHIBIT INDEX
                                  -------------


Exhibit Number                    Description
- --------------                    -----------

       99       Press Release  dated  January 21, 2004,  of National Penn
                Bancshares, Inc. (furnished pursuant to Item 12 hereof).





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