Exhibit 99


Immediate

Gary L. Rhoads, Chief Financial Officer, 610-369-6341
Sandra L. Spayd, Corporate Secretary, 610-369-6202

        National Penn Bancshares, Inc. Issues Trust Preferred Securities

         BOYERTOWN, Pa., April 8, 2004-- National Penn Bancshares, Inc. (Nasdaq:
NPBC), announced that NPB Capital Trust V, a Delaware statutory trust subsidiary
of National  Penn (the  "Trust"),  has completed an offering of  $20,000,000  of
floating rate (three month LIBOR plus a margin of 2.75%) Capital Securities (the
"Capital  Securities"),  which represent undivided  beneficial  interests in the
assets of the Trust.

         The Capital Securities were offered and sold to an initial purchaser in
a private  transaction that was not registered under the Securities Act of 1933,
as amended (the  "Securities  Act"). The initial  purchaser  intends to sell the
Capital Securities to "qualified  institutional buyers" (as defined in Rule 144A
under the Securities  Act). The Capital  Securities will not be registered under
the Securities Act and may not be offered or otherwise sold in the United States
absent   registration  or  an  applicable   exemption  from  such   registration
requirements.

         Proceeds of the offering were invested in National Penn.  National Penn
anticipates using the proceeds, among other things, (1) to fund part of the cash
portion of the merger  consideration  to be paid to the  shareholders of Peoples
First,  Inc. in connection with the merger of Peoples First,  Inc. with and into
National  Penn;  (2)  for  general   corporate   purposes,   including   capital
contributions  to National Penn Bank,  National  Penn's banking  subsidiary,  to
support  its growth  strategies;  (3) for  working  capital;  (4) to  repurchase
National  Penn's  common stock in accordance  with the  provisions of its common
stock repurchase program; and (5) to fund future acquisitions.

         National Penn  Bancshares,  Inc. is currently a $3.5 billion  financial
services  company  headquartered  in Boyertown,  PA. NPBC currently  operates 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,  Inc.;  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,  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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