BB&T Corp.’s acquisition of National Penn Bancshares Inc. became official Friday, though the conversion of National Penn Bank to BB&T won’t take place until later this year.
Winston-Salem, N.C.-based BB&T took over National Penn’s 126 branches — including five in Lancaster County — on April 1. BB&T spokesman David White said National Penn computer systems and branch signs won’t be converted to BB&T until early in the third quarter of this year.
BB&T announced it will close a National Penn branch at 1298 Georgetown Road in Bart Township near Quarryville, but has not announced a date. White said BB&T is still determining the fate of the four remaining former National Penn branches.
The acquisition is the culmination of a busy time for BB&T in Pennsylvania. The bank spent $4.3 billion to buy National Penn and Lititz-based Susquehanna Banchshares Inc. in less than a year. The Susquehanna deal closed Aug. 1 last year, with a systems conversion taking place the first weekend in November.
The acquisitions make BB&T the No. 4 bank in terms of deposit market share in the state. PNC Bank, Wells Fargo Bank and Citizens Bank of Pennsylvania have larger market shares.
With the acquisition of National Penn, BB&T announced it will start a fourth community banking region in Pennsylvania headquartered in Allentown. After buying Susquehanna, BB&T set up regional divisions in Central Pennsylvania, western Maryland and Pennsylvania, and Philadelphia/southern New Jersey.
BB&T has about $220 billion in assets and trades its shares on the New York Stock Exchange at the ticker symbol BBT.