BB&T Corporation

O’Melveny advised BB&T Corporation in connection with its agreement to acquire National Penn Bancshares, Inc. in a cash and stock transaction for total consideration valued at approximately US$1.8 billion.  BB&T, based in Winston-Salem, North Carolina, is one of the largest financial services holding companies in the United States, operating in 15 states and Washington, D.C., and offering a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.  Headquartered in Allentown, Pennsylvania, National Penn Bank operates branch offices throughout Pennsylvania, New Jersey, and Maryland. The pending acquisition, which has received regulatory approval, will expand BB&T’s presence in the US Mid-Atlantic region.