For $1.8 billion, North Carolina-based BB&T Corp. in August agreed to acquire Allentown-based National Penn Bancshares Inc.
After getting state approval earlier this month, BB&T has announced that it took another step closer to the deal – garnering all federal regulatory approvals. The acquisition is expected to be finalized in the next few months.
National Penn, which moved its headquarters in 2014 from Boyertown to the top five floors of Two City Center at 645 Hamilton St. in Allentown, has 124 retail branch offices in Pennsylvania, New Jersey and Maryland, which BB&T will acquire.
In addition, BB&T plans to establish a fourth community banking region for eastern Pennsylvania, and it will be headquartered in National Penn’s downtown Allentown facility.
Scott V. Fainor, president and CEO of National Penn, will be named group executive of BB&T, with responsibility to oversee multiple community banking regions with deposits in excess of $30 billion in Pennsylvania and contiguous states.
“We are very pleased to receive these approvals and excited to move forward with the merger,” said BB&T chairman and CEO Kelly S. King.
The merger represents BB&T’s second acquisition of a Pennsylvania-based bank. BB&T closed Aug. 1 on a $2.5 billion deal to buy Susquehanna Bank, which had been based in Lititz, Lancaster County.
On Nov. 6, BB&T converted former Susquehanna branches and computer systems over to its own.
The $2.5 billion acquisition included about $14.1 billion in deposits and total assets of $18.2 billion on Aug. 1, when the takeover became official.
“National Penn is a strategically compelling deal that complements the legacy Susquehanna franchise and presents enormous opportunities to leverage our … community banking capabilities in these mid-Atlantic markets,” King said.