National Penn Bancshares Inc. of Boyertown, Pa., said late Monday that Michael Martin had joined its board as part of a recent capital infusion by Warburg Pincus.
Martin, a managing director at the investment firm, was also named to the $9 billion-asset company's executive and nominating/corporate governance committees, according to a regulatory filing.
Warburg Pincus, which has invested $150 million in National Penn since October, also has the right to designate an observer who may attend board meetings as long as its stake in the company is between 4.9% and 9.9%, the filing said.
