WINSTON-SALEM, N.C.,
April 4, 2016 /PRNewswire/ --
BB&T Corporation (NYSE: BBT) today announced it has completed
its acquisition of National Penn Bancshares, Inc., (NASDAQ: NPBC)
effective April 1, 2016. The core
banking systems conversion, along with signage and account changes
for clients, is expected early in the third quarter of 2016.
"We are pleased to complete this strategic transaction and
excited to welcome our new shareholders, clients and associates to
BB&T," said Chairman and Chief Executive Officer Kelly S. King. "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."
The acquisition, which was announced in August 2015, includes 126 banking offices in
Pennsylvania, New Jersey and Maryland, giving BB&T 2,265 financial
centers throughout its footprint. With $9.6
billion in assets and $6.7
billion in deposits as of Dec. 31,
2015, the acquisition of National Penn will significantly
expand BB&T's footprint in the Mid-Atlantic region and improve
its deposit market share to No. 4 in Pennsylvania.
BB&T received the required regulatory approvals for the
acquisition in late 2015. Along with the recent Swett and Crawford
acquisition this uses the remainder of BB&T's buyback capacity
approved by the Federal Reserve as part of BB&T's 2015 capital
plan submission.
BB&T Corporation also previously announced plans to
establish a fourth community banking region in northern
Pennsylvania, headquartered in
Allentown, and will name
David B. Kennedy, National Penn's
chief banking officer, as the president of the region. National
Penn President and Chief Executive Officer Scott V. Fainor will be named group executive,
with responsibility for overseeing multiple community banking
regions with deposits of nearly $40
billion in Pennsylvania and
contiguous states.
About BB&T
BB&T is one of the largest financial services holding companies
in the U.S. with $209.9 billion in
assets and market capitalization of $29.5
billion, as of Dec. 31, 2015.
Based in Winston-Salem, N.C., the
company operates 2,265 financial centers in 15 states and
Washington, D.C., and offers a
full range of consumer and commercial banking, securities
brokerage, asset management, mortgage and insurance products and
services. A Fortune 500 company, BB&T is consistently
recognized for outstanding client satisfaction by the U.S. Small
Business Administration, Greenwich Associates and others. More
information about BB&T and its full line of products and
services is available at BBT.com/about.
This news release contains certain forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995.
These statements may address issues that involve significant risks,
uncertainties, estimates and assumptions made by management. Actual
results may differ materially from current projections. Please
refer to BB&T's filings with the Securities and Exchange
Commission for a summary of important factors that may affect
BB&T's forward-looking statements. BB&T undertakes no
obligation to revise these statements following the date of this
news release.
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SOURCE BB&T Corporation