The Pennsylvania Department of Banking and Securities has approved BB&T Corp.’s acquisition of National Penn Bancshares Inc.
In August, North Carolina-based BB&T agreed to acquire Allentown-based National Penn for $1.8 billion. The deal is expected to be completed in the middle of 2016.
The merger represents BB&T’s second acquisition of a Pennsylvania-based bank. BB&T closed Aug. 1 on a $2.5 billion deal to buy Susquehanna Bank, which had been based in Lititz.