NATIONAL PENN BANCSHARES
[GRAPHIC OMITTED]                                                PRESS RELEASE


For Immediate Release

Contact: Catharine S. Bower, Communications Manager
         610-369-6618
         csbower@natpennbank.com

           National Penn Bancshares, Inc. to Postpone Earnings Release

Boyertown, Pa. January 13, 2005 - The Board of Directors of National Penn
Bancshares, Inc. (NASDAQ: NPBC) announced today that National Penn is postponing
the public release of its earnings for 2004. The earnings release had been
scheduled for January 20, 2005.

On January 6 and 7, 2005, National Penn, as a result of its ongoing operating
controls and procedures, discovered evidence suggesting irregularities in
certain loan and deposit accounts that appear to be the result of intentional
misconduct. At present, such misconduct appears to be limited to the acts of a
single person. Upon discovering these irregularities, management promptly
initiated an investigation of these accounts, with the assistance of special
legal counsel and outside forensic accountants, and notified the Chairs of the
Audit and the Nominating/Corporate Governance Committees of its Board of
Directors, and the federal regulatory authorities. At this time National Penn
has not determined the financial impact of these irregularities and, if any
losses did occur, whether they will be covered by insurance or loan loss
reserves, or will be recoverable in a civil action(s). National Penn currently
believes that these irregularities are isolated to a particular area and that
all necessary resources are being utilized to complete this investigation in a
professional and timely manner. Completion of this investigation is required for
a final determination of earnings for 2004. Because it is unlikely that this
investigation can be completed before January 20, National Penn has postponed
the release date for its 2004 earnings. National Penn will announce the date for
public release of its 2004 earnings as soon as it is determined.

                                     -More-





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Throughout this investigation, National Penn and all of its operating
subsidiaries and divisions will continue to serve their clients and customers in
the same professional and attentive manner that has been the hallmark of
National Penn's long history of success and financial strength.

National Penn Bancshares, Inc. is a $4.34 billion financial services company
operating 73 community offices in southeastern Pennsylvania through National
Penn Bank and its FirstService Bank, HomeTowne Heritage Bank, and The Peoples
Bank of Oxford Divisions. The Peoples Bank of Oxford Division also operates one
community office in Cecil County, Maryland. National Penn's trust and investment
management services are provided through Investors Trust Company and
FirstService Capital, Inc.; brokerage services are provided through National
Penn Investment Services; mortgage banking activities are provided through
National Penn Mortgage Company; insurance services are provided through National
Penn 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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