BB&T’s acquisition of National Penn Bancshares has secured the green light from the Pennsylvania Department of Banking and Securities.
North Carolina-based BB&T agreed to buy Allentown-based National Penn in a cash and stock deal worth about $1.8bn in August 2015.
The transaction, scheduled to be completed by mid-2016, is now subject to federal regulators and National Penn shareholders approval.
The deal marks BB&T’s second purchase of a Pennsylvania-based bank, following the completion of a $2.5bn deal to acquire Lititz-based Susquehanna Bank.
Separately, the department has also given the go-ahead to F.N.B.’s purchase of Metro Bancorp of Swatara Township.
The deal, scheduled to be completed by February, has already received the nod from the Federal Deposit Insurance and the Federal Reserve Bank.