North Carolina-based BB&T has completed the acquisition of Allentown-based National Penn Bancshares.
The cash-stock deal, valued at about $1.8bn, was announced in August 2015 and secured regulatory approvals in late 2015.
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The deal includes 126 banking offices in Pennsylvania, New Jersey and Maryland, offering BB&T 2,265 financial centres, and will significantly expand BB&T’s presence in the Mid-Atlantic region, BB&T said in a statement.
The core banking systems conversion, as well as changes to signage and account for clients, is anticipated in the third quarter of 2016.
Further, BB&T has also earlier announced plans to set up a fourth community banking region in northern Pennsylvania, and will appoint National Penn chief banking officer David Kennedy as the president of the region.
National Penn president and CEO Scott Fainor will be appointed as group executive, and will be tasked with managing multiple community banking regions in Pennsylvania and contiguous states.
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By GlobalDataBB&T chairman and CEO Kelly King said: "We are pleased to complete this strategic transaction and excited to welcome our new shareholders, clients and associates to BB&T. As we move toward systems conversion, our clients will continue to receive the same level of outstanding client service from the same bankers they know so well."
As of 31 December 2015, National Penn managed $9.6bn in assets and $6.7bn in deposits.
