The state’s fourth-largest bank has decided that downtown Allentown is the right place to grow, in a major recruiting triumph that officials say proves the city is on the cusp of a new era.
National Penn Bancshares Tuesday announced that it will relocate its headquarters into one of the new buildings going up within the city’s unique, hockey arena-inspired tax district. The bank, currently based in Boyertown, Berks County, will bring 275 employees to the 11-story office tower slated for downtown’s main intersection at Hamilton and Seventh Streets.
National Penn’s decision, part of a broader restructuring plan, will make Allentown a major bank’s headquarters for the first time in 25 years, giving credence to city officials who predicted the tax zone and hockey arena project would breathe new life into Allentown’s struggling urban core.
“I think this represents a tipping point for Allentown’s downtown,” Mayor Ed Pawlowski said. “Major corporations are again gaining confidence in Allentown. I expect this to be the first of many similar developments.”