Regulators sign off on BB T, National Penn deal
BB&T expects to complete its purchase of National Penn Bank during the first half of 2016.
BB&T Corp.'s[1] plans to purchase National Penn Bank[2] for $1.8 billion have cleared a last hurdle, with state and federal regulators giving the deal their blessing.
BB&T (NYSE: BBT) and Allentown, Pennsylvania-based National Penn (Nasdaq: NPBC) announced regulatory approval late Wednesday, and they expect to complete the deal during the first half of 2016.
BB&T expects to complete its purchase of National Penn Bank during the first half of 2016.
"We are pleased to receive these approvals and excited to move forward with the merger," said Kelly King[3], chairman and CEO of Winston-Salem-based BB&T. "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."
References
- ^ BB&T Corp.'s (www.bizjournals.com)
- ^ National Penn Bank (www.bizjournals.com)
- ^ Kelly King (feeds.bizjournals.com)