WINSTON-SALEM, N.C.,
Dec. 23, 2015 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) today announced it has
received regulatory approval from the Federal Reserve, the FDIC and
all required state banking regulators to acquire National Penn
Bancshares, Inc. (NASDAQ: NPBC). The transaction is expected to
close in the next few months.
"We are very pleased to receive these approvals and excited to
move forward with the merger," said Chairman and Chief Executive
Officer Kelly S. King. "National
Penn is a strategically compelling deal that complements the legacy
Susquehanna franchise and presents
enormous opportunities to leverage our proven community banking
capabilities in these mid-Atlantic markets."
National Penn, headquartered in Allentown, Pa., had $9.6 billion in assets, $7.0 billion in deposits, as of Sept. 30, 2015, and 124 banking offices in
Pennsylvania, New Jersey and Maryland. The planned acquisition was
originally announced Aug. 17,
2015.
BB&T Corporation previously announced National Penn
President and Chief Executive Officer Scott
V. Fainor will be named group executive, with responsibility
to oversee multiple community banking regions in Pennsylvania and contiguous states. In
addition, BB&T plans to establish a fourth community banking
region for eastern Pennsylvania,
headquartered in Allentown, and
will name David B. Kennedy, National
Penn's chief banking officer, as president of the region.
About National Penn Bancshares, Inc.
National Penn
Bancshares, Inc., with approximately $9.6
billion in assets, is a bank holding company headquartered
in Allentown, Pennsylvania.
National Penn Bank operates 124 branch offices throughout
Pennsylvania, New Jersey and Maryland. National Penn's financial services
affiliates and divisions include its National Penn Investors Trust
Company division; Institutional Advisors LLC; and National Penn
Insurance Services Group, Inc. National Penn Bancshares, Inc.,
common stock is traded on the Nasdaq Stock Market under the symbol
NPBC. More information is available at
NationalPennBancshares.com.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with approximately
$208.8 billion in assets and market
capitalization of approximately $27.8
billion, as of Sept. 30, 2015.
Based in Winston-Salem, N.C., the
company operates 2,150 financial centers in 15 states and
Washington, D.C., and offers a
full range of consumer and commercial banking, securities
brokerage, asset management, mortgage and insurance products and
services. A Fortune 500 company, BB&T is consistently
recognized for outstanding client satisfaction by the U.S. Small
Business Administration, Greenwich Associates and others. BB&T
has also been named one of the World's Strongest Banks by
Bloomberg Markets magazine, one of the top three in the U.S.
and in the top 15 globally. More information about BB&T and its
full line of products and services is available at BBT.com.
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SOURCE BB&T Corporation