The $1.8 billion acquisition of National Penn Bancshares by BB&T Corp. has a closing date three months earlier than initially projected.
BB&T said Jan. 21 it plans to complete the acquisition of Allentown-based National Penn on or about April 1.
BB&T said last month the transaction was expected to conclude “in the next few months,” ahead of the timetable offered when the deal was announced Aug. 17. Federal and state regulators and National Penn shareholders have approved the acquisition.
Earlier in August, BB&T closed its $2.5 billion acquisition of Lancaster County-based Susquehanna Bancshares Inc. The two deals represent BB&T’s first major push into Pennsylvania. The bank has $210 billion in assets and more than 2,100 branches spread over 15 mostly southern states and Washington, D.C.
BB&T would have $220 billion in total assets when the National Penn deal is complete. The deal would give BB&T about $15.2 billion in total deposits in Pennsylvania, trailing PNC Financial Service Corp., Wells Fargo & Co. and Citizens Bank.
BB&T said overlapping offices between Susquehanna and National Penn and duplicative personnel will lead to the closure of roughly 25 branches and back office job cuts.
Also Thursday, BB&T reported an 8.9 percent decline in fourth-quarter net income to $502 million, compared with the fourth quarter of fiscal 2014. The short-term acquisition costs held down North Carolina-based BB&T’s earnings.
National Penn is expected to release its quarterly earnings on Jan. 28, spokeswoman Jacklyn Bingaman said. National Penn had $9.6 billion in assets and $7 billion in deposits as of Sept. 30.
BB&T also announced the deadline for National Penn holders of common stock and certain equity awards to elect their preferred payment for consideration will be 5 p.m. March 30, unless extended. Election materials will be mailed Feb. 29, BB&T said, to stockholders of record as of Feb. 28.
Under the deal, National Penn shareholders can elect to receive $13 per share, or 0.3206 of a share of BB&T common stock, or a combination of cash and shares of BB&T stock. The $13 per-share offer that BB&T plans to pay National Penn stockholders is higher than five years ago, when the share value dipped below $10 a share as the bank was emerging from the Great Recession.
National Penn underwent the federal bailout known as the Troubled Asset Relief Program during the nationwide financial crisis.
National Penn, which also has $10 billion in assets, operates 124 branches in Pennsylvania, New Jersey and Maryland.