BB&T Receives Regulatory Approval For National Penn Bancshares Acquisition

(RTTNews) - BB&T Corp. (BBT) announced it received regulatory approval from the Federal Reserve, the FDIC and all required state banking regulators to acquire National Penn Bancshares, Inc. (NPBC). The transaction is expected to close in the next few months.

In August, BB&T said that it agreed to buy National Penn Bancshares Inc. in a cash and stock deal valued at about $1.8 billion.

Under the deal, which was approved by the board of directors of each company, merger consideration will be about $1.8 billion consisting of 70% BB&T common stock and 30% cash. National Penn stockholders can elect to receive 0.3206 of a share of BB&T common stock or $13.00 in cash for each share of National Penn common stock, subject to proration such that total consideration will consist of about $550 million in cash and about 31.6 million BB&T common shares.