According to reports, BB&T Corp. has announced plans to buy National Penn Bancshares Inc. in a $1.8 billion deal.
Based in Allentown, Pa., National Penn has $9.6 billion in assets and 124 branches across Pennsylvania, New Jersey and Maryland.
In the deal, BB&T, a bank included on Black Enterprise’s 2014 corporate director’s registry, will expand its presence in the mid-Atlantic region.
National Penn shareholders can get 0.3206 of a BB&T share or cash out at $13 for each National Penn share.
BB&T has had a big summer this year by closing a $2.5 billion deal to purchase of Susquehanna Bancshares Inc. and its purchase of Bank of Kentucky Financial Corp. Both deals were announced in 2014 and moved quickly through the regulatory approval process at a time when other bank deals saw delays due to concerns of regulators, according to reports. The deal should be closed by 2016.