Exhibit 99.1

Immediate

Wayne R. Weidner - (610) 369-6282





            NATIONAL PENN BANCSHARES, INC. ANNOUNCES STOCK REPURCHASE

BOYERTOWN, PA., January 28, 2004 -- National Penn Bancshares, Inc. announced
today that its Board of Directors had approved an agreement to purchase 124,100
shares of National Penn stock from John W. Jacobs, a director of the company.
Mr. Jacobs previously announced that he will retire from the Board at the end of
his current term, which expires in April at National Penn's 2004 Annual Meeting
of Shareholders. Mr. Jacobs is selling these shares in order to diversify his
assets.

The purchase of Mr. Jacobs' shares is pursuant to National Penn's stock
repurchase program, authorized by the Board of Directors September 24, 2003.
Under the repurchase program, National Penn is authorized to repurchase, from
time to time, in market or negotiated transactions, up to 1,000,000 shares of
its common stock. After the purchase of Mr. Jacobs' shares, 718,000 authorized
shares remain under the repurchase program. The agreement, which was effective
January 26, 2004, provides for the purchase of Mr. Jacobs' shares at the closing
price on January 26, 2004.

National Penn Bancshares, Inc. (Nasdaq: NPBC) is a $3.5 billion company
operating 66 community offices in southeastern Pennsylvania through National
Penn Bank and its FirstService and HomeTowne Heritage Bank Divisions. Trust and
investment management services are provided through Investors Trust Company and
FirstService Capital; brokerage services are provided through Penn Securities,
Inc.; mortgage banking activities are provided through Penn 1st Financial
Services, Inc.; insurance services are provided through FirstService Insurance
Agency; 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.





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