BB&T Corp. in Winston-Salem, N.C., has received approval from the Federal Reserve Board to buy National Penn Bancshares in Allentown, Pa.

The Fed's approval, issued Thursday, came roughly four months after BB&T agreed to pay about $1.8 billion for the $9.6 billion-asset National Penn. The companies expect the deal to close by mid-2016.

The acquisition would boost BB&T's deposit market share in Pennsylvania to 4.8%, according to data from the Federal Deposit Insurance Corp., placing it fourth in the state behind PNC Financial Services Group, Wells Fargo and Citizens Financial Group.

National Penn shareholders approved the sale on Dec. 16.

BB&T also recently purchased the $1.9 billion-asset Bank of Kentucky Financial and the $19 billion-asset Susquehanna Bancshares in Lititz, Pa., as well as dozens of former Citigroup branches in Texas.

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