National Penn Bancshares to merge with BB&T following shareholder approval
National Penn Bancshares Inc.'s shareholders recently voted to approve the merger of National Penn, based in Allentown, and North Carolina-based BB&T Corporation, subject to customary closing conditions and regulatory approvals.
“We are very pleased that National Penn shareholders have overwhelmingly supported the merger with BB&T,” Scott Fainor, National Penn’s president and CEO, said. “Partnering with a community-focused institution such as BB&T will benefit our shareholders, employees, customers and communities.”
National Penn Bancshares has approximately $9.6 billion in assets and operates 124 offices in Pennsylvania, New Jersey and Maryland. Its partners and branches include its National Penn Investors Trust Company division, Institutional Advisors LLC and National Penn Insurance Services Group Inc.
In connection with the proposed merger, BB&T filed a Registration Statement on Form S-4, as amended, with the Securities and Exchange Commission (SEC). The statement includes a Proxy Statement of National Penn, a Prospectus of BB&T and additional pertinent documents concerning the proposed transaction.
BB&T is a financial holding company operating banking subsidiaries in the eastern and southern U.S., with corporate headquarters located in Winston-Salem, North Carolina.
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