National Penn Bancshares (NPBC) in Boyertown, Pa., will close nine branches as it looks to cut costs.
The $8.6 billion-asset company said last month that it would shutter an unspecified number of branches. On Thursday, the company also said it would fire an undisclosed number of employees and consolidate its administrative facilities in a new corporate headquarters. The moves prompted National Penn to record a $6 million charge during the fourth quarter.
National Penn's fourth-quarter earnings fell 16% from a year earlier, to $21 million. Revenue fell 1.3% from a year earlier, to $86.8 million.
Excluding the restructuring charge, noninterest expenses fell by 0.8% from a year earlier, to $51.8 million.