National Penn Bank Acquires D.E. Love Agency

December 9, 2004

National Penn Bancshares Inc. (NASDAQ: NPBC), parent company of National Penn Bank, has acquired D.E. Love Associates Inc., a full service insurance agency headquartered in Yardley, Pa.

The deal was announced by Stamford, Conn.-based Philo Smith & Co., an nvestment banking firm specializing in insurance mergers and acquisitions, which advised D.E. Love in the transaction.

D.E. Love will operate as a division of National Penn Insurance Agency, Inc., a subsidiary of National Penn Bank. Duane E. Love, who established D. E. Love in 1980, will be president of the new division.

D.E. Love, which has 21 employees, has a strong presence in the growing Bucks County market.

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