After recently completing another large deal, BB&T Corp. announced on Tuesday that it would acquire Allentown, Pa.-based National Penn Bancshares Inc. for $1.8 billion. BB&T, based in Winston-Salem, N.C., paid 2.2 times tangible book for National Penn and expects the deal, which will consist of 30% cash and 70% stock, to close in mid-2016. The bank will add $9.6 billion in assets to its balance sheet as well as 124 bank branches in Pennsylvania, New Jersey, and Maryland to make BB&T the fourth largest bank by deposit market share in Pennsylvania. BB&T will mostly expand its footprint in Eastern Pennsylvania and the Philadelphia market. Deal talks between the two banks began about 90 days ago, National Penn CFO Michael Hughes said in a phone interview. The deal was a directly negotiated deal with BB&T, he said. After the Fed approved BB&T′s $2.5 billion acquisition of Lititz, Pa.-based Susquehanna Bancshares Inc. in July, National Penn became more attractive to the bank, he added. As National Penn started approaching the $10 billion in assets mark, the bank believed it made most sense to sell, Hughes explained. National Penn president and CEO Scott Fainor will be named group executive at BB&T, and will oversee several markets with deposits in excess of $30 billion in Pennsylvania and neighboring states, the BB&T announcement said.
For more visit: www.thedeal.com
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