National Penn Bancshares Inc. said Wednesday that the private-equity firm Warburg Pincus has agreed to invest $150 million for a 16.4% stake in the Boyertown, Pa., company.
The $9.2 billion-asset National Penn said the deal would accelerate plans to repay the Treasury Department funds it received under the Troubled Asset Relief Program.
It also would boost National Penn's tangible common equity ratio to 8.7%, from 7% at June 30, and increase its total risk-based capital ratio to more than 18%, from 14.9%. Warburg would acquire 24.8 million shares of newly issued National Penn common stock at $6.05 a share, a 5% discount to Tuesday's closing price. Warburg plans to invest $63.3 million within the next 10 days, with the remainder after it receives regulatory approval.