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National Penn Bancshares shareholders approve BB&T Corp. merger

Staff writer |
Shareholders of National Penn Bancshares voted to approve the agreement and plan of merger under which National Penn will merge with and into BB&T Corporation.

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BB&T Corporation announced in August that it will acquire National Penn Bancshares in a cash and stock transaction for total consideration valued at approximately $1.8 billion.

“We are very pleased that National Penn shareholders have overwhelmingly supported the merger with BB&T. Partnering with a community focused institution such as BB&T will benefit our shareholders, employees, customers and communities,” said Scott V. Fainor, president and CEO, National Penn.

Completion of the merger is subject to customary closing conditions, including receipt of necessary regulatory approvals.

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