The plans for the acquisition were announced in August this year, when both the firms inked a definitive agreement.
BB&T agreed to pay $13.00 in cash or 0.3206 of BB&T common stock for each share of National Penn common stock.
BB&T CEO Kelly S. King said: "We are very pleased to receive these approvals and excited to move forward with the merger.
"National Penn is a strategically compelling deal that complements the legacy Susquehanna franchise and presents enormous opportunities to leverage our proven community banking capabilities in these mid-Atlantic markets."
Headquartered in Allentown, National Penn has assets worth $9.6bn, $7bn in deposits and 124 banking offices across Pennsylvania, New Jersey and Maryland.
National Penn’s financial services affiliates and divisions include its National Penn Investors Trust Company division; Institutional Advisors; and National Penn Insurance Services Group.
BB&T also plans to establish a fourth community banking region for eastern Pennsylvania. It expects to incur pre-tax merger and integration costs of approximately $100m and expects to achieve annual cost savings of around $65m.
Based in Winston-Salem, North Carolina, BB&T has assets worth $208.8bn and market capitalization of approximately $27.8bn.
BB&T offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services through a network of 2,150 financial centers.
Image: BB&T agreed to pay $13.00 in cash or 0.3206 of BB&T common stock for each share of National Penn common stock. Photo: courtesy of stockimages / FreeDigitalPhotos.net.
