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Contact:
Neil Cotiaux, FHLBank, 412-335-9488; Neil.cotiaux@fhlb-pgh.com
Michael Reisman, National Penn Bancshares, Inc., 610-369-6024; Michael.reisman@nationalpenn.com

Karen Whitehill Receives FHLBank Pittsburgh’s “Council’s Award”: Prestigious Accolade Pays Tribute to a Lifetime of Community Commitment
 
Harrisburg, PA, May 29 - Karen Whitehill, former senior vice president and Community Reinvestment Act Officer for National Penn Bancshares’ Northern Region and KNBT division, was honored by her peers today for a lifetime of commitment to affordable housing and career leadership.

At a gathering of bankers from across Pennsylvania, Whitehill, who retired from the company on May 25, 2012, received the Council’s Award, an honor bestowed on one banker who best exemplifies tireless dedication to affordable housing and community development. The award is made each year by the Federal Home Loan Bank of Pittsburgh (FHLBank), a private cooperative of nearly 300 financial institutions operating in Delaware, Pennsylvania and West Virginia.

Whitehill’s receipt of the Council’s Award follows 37 years of service to the community through her work at National Penn and its predecessor banks.

“Karen has had a remarkable list of achievements and has helped so many members of this community attain their goal of home ownership,” said Scott V. Fainor, president and chief executive officer of National Penn. “She has also enthusiastically supported the countless initiatives that make the Lehigh Valley a great place to live and work.”

Added Winthrop Watson, president and chief executive officer of FHLBank Pittsburgh: “Karen’s association with FHLBank over these many years has continually demonstrated her personal devotion to affordable housing and community reinvestment. Those in our organization who have collaborated with Karen will genuinely miss her abundant talent, enthusiasm and commitment to making life better for KNBT’s customers and neighbors.”

Over the last five years, Whitehill led the charge on six affordable housing projects that were awarded more than $1.5 million in grants from FHLBank and has also partnered with Community Lenders CDC, which enabled National Penn Bank to participate in the financing of affordable rental projects. In addition, she helped champion the Allentown Neighborhood Development Alliance and National Penn Bank’s tax credit partnership with the PPL Corporation to strengthen Elm and Main Street districts.

Whitehill serves on the Affordable Housing Committees for both Lehigh and Northampton counties and as a commissioner for the Northampton County Housing Authority. She also provided leadership in the formation of the Lehigh Valley Community Land Trust, an organization committed to preserving and creating secure, economical housing for working class families.

Whitehill joined KNBT’s legacy bank, Keystone Savings Bank, in 1975 and has been a well-respected community leader for nearly 30 years. Since 2005, she has focused her efforts almost entirely on services, products and initiatives which support working families, low- and moderate-income neighborhoods, and the nonprofit and governmental agencies which support them.

About National Penn

National Penn Bancshares, Inc., with approximately $8.5 billion in assets, is a bank holding company headquartered in Boyertown, PA. National Penn operates 121 branch offices comprising 120 branches in Pennsylvania and one in Maryland through National Penn Bank and its KNBT and Nittany Bank divisions.

National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol “NPBC.” Visit www.nationalpennbancshares.com to learn more about the company.

National Penn is pleased to be ranked 15th among the best banks in America by Forbes magazine.

About FHLBank

FHLBank Pittsburgh provides a steady stream of low-cost liquidity to local lenders in support of housing finance and community and economic development. FHLBank is privately funded and capitalized and uses no taxpayer dollars. At March 31, 2012, the Bank had 297 financial institution members in its cooperative and approximately $53.3 billion in assets.