National Penn Bank in Boyertown, Pa., has hired Kathy B. Schauer to be president of its new subsidiary, National Penn Mortgage Co.

National Penn Mortgage will provide nonconforming residential mortgages for borrowers who do not fit a traditional mortgage profile as well as to those with impaired credit, the company said.

Ms. Schauer is to report to Lawrence T. Jilk Jr., chairman of the bank and of its parent, National Penn Bancshares Inc.

She has 20 years of experience and has been director of product and business development for structured finance at Standard & Poor's in New York.

Earlier she was a vice president at Credit Suisse First Boston in New York.

National Penn Bank is a $2.2 billion-asset financial institution.

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