Banking

BB&T closes on acquisition of National Penn

Winston-Salem-based BB&T Corp. has completed its acquisition of National Penn Bancshares
Winston-Salem-based BB&T Corp. has completed its acquisition of National Penn Bancshares BLOOMBERG NEWS

Winston-Salem-based BB&T Corp. has completed its acquisition of National Penn Bancshares, a deal that expands BB&T’s footprint in Pennsylvania, New Jersey and Maryland.

BB&T said in a statement Monday that the core banking systems conversion, along with signage and client account changes, is expected early in the third quarter this year.

“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,” said Kelly King, BB&T chairman and chief executive officer.

The acquisition, which regulators approved in late 2015, includes 126 banking offices in Pennsylvania, New Jersey and Maryland. As of Dec. 31, National Penn had $9.6 billion in assets and $6.7 billion in deposits. In buying it, BB&T becomes the No. 4 lender in Pennsylvania by deposits.

BB&T said it will establish a fourth community banking region in northern Pennsylvania, headquartered in Allentown. National Penn’s chief banking officer will serve as president of the region. National Penn Chief Executive Officer Scott Fainor will be named a group executive responsible for overseeing multiple community banking regions in Pennsylvania and nearby states.

BB&T also recently said it has closed on its purchase of wholesale insurance broker Swett & Crawford for $500 million. Along with that deal, the National Penn purchase uses the remainder of BB&T’s buyback capacity approved by the Federal Reserve as part of the bank’s 2015 capital plan submission, BB&T said.

The Winston-Salem bank is the third largest in the Charlotte metro area by deposits and employs about 1,900 in the area.

Katherine Peralta: 704-358-5079, @katieperalta

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