National Penn Bancshares Inc. of Boyertown, Pa., said Thursday that it has discovered "irregularities" in certain loan and deposit accounts and as a result is postponing the release of its fourth-quarter and full-year earnings.
The $4.3 billion-asset company said the irregularities appeared to be the result of "intentional misconduct" by one person.
National Penn is examining these accounts with the assistance of outside legal counsel and accountants. It said that it has not determined the effects of the irregularities and that it would report its earnings, originally scheduled to be released Jan. 20, when the investigation is completed.
The announcement was made just before the market closed Thursday. National Penn's stock ended the day at $26.28 a share, down less than 1% from Wednesday's closing price.
