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December 24, 2015updated 04 Apr 2017 12:48pm

BB&T secures regulatory approval for $1.8bn National Penn Bancshares deal

BB&T has received the go-ahead from the Federal Reserve, the FDIC and all required state banking regulators to take over Allentown-based National Penn Bancshares.

BB&T has received the go-ahead from the Federal Reserve, the FDIC and all required state banking regulators to take over Allentown-based National Penn Bancshares.

National Penn Bancshares currently operates with 124 banking offices in Pennsylvania, New Jersey and Maryland. The bank managed $9.6bn in assets and $7bn in deposits as of 30 September 2015.

BB&T agreed to purchase National Penn Bancshares in a cash-stock deal worth nearly $1.8bn in August 2015.

Following the acquisition, National Penn Bancshares president and CEO Scott Fainor will assume the role of group executive, and will be tasked with managing various community banking regions in Pennsylvania and contiguous states.

BB&T also intends to set up a fourth community banking region for eastern Pennsylvania, with National Penn Bancshares chief banking officer David Kennedy expected to be appointed as the region’s president.

BB&T chairman and CEO Kelly King said: "We are very pleased to receive these approvals and excited to move forward with the merger. 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."

 

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