The acquisition of National Penn Bancshares (National Penn) by North Carolina-based BB&T has received the go-ahead from National Penn shareholders.
In August 2015, BB&T agreed to purchase Allentown-based National Penn in a cash and stock deal valued at about $1.8bn. National Penn manages assets of about $9.6bn.
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The transaction, scheduled to be completed by mid-2016, has recently secured the approval from the Pennsylvania Department of Banking and Securities. It is now subject to other customary closing conditions.
National Penn Bancshares president and CEO Scott Fainor said: "We are very pleased that National Penn shareholders have overwhelmingly supported the merger with BB&T. Partnering with a community focused institution such as BB&T will benefit our shareholders, employees, customers and communities."
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