OREANDA-NEWS. March 17, 2016. As previously announced by BB&T Corporation (NYSE: BBT) and National Penn Bancshares, Inc. (NASDAQ: NPBC), BB&T's merger with National Penn is expected to close on or about April 1, 2016. The deadline for holders of National Penn common stock and certain National Penn equity awards to elect the form of consideration they wish to receive in the merger is 5 p.m., ET, on March 30, 2016, unless extended.

The anticipated closing date and the election deadline were previously announced on Jan. 21, 2016. Election materials were mailed Feb. 29, 2016, to National Penn security holders of record. Questions regarding the election materials may be directed to the information agent for the election, Georgeson Inc., at 877-278-4775.

Election Details
As previously announced, holders of National Penn common stock and certain National Penn equity awards may elect to receive, for each of their shares of National Penn common stock, either (i) \\$13.00 in cash, (ii) 0.3206 of a share of BB&T common stock (plus cash in lieu of any fractional shares of BB&T common stock for each share of National Penn common stock), or (iii) a combination of cash and shares of BB&T common stock. The cash and stock elections will be subject to allocation and proration procedures, which are described in the election materials, the proxy statement/prospectus and in the Agreement and Plan of Merger, dated as of Aug. 17, 2015, by and between National Penn and BB&T (the merger agreement). The allocation and proration provisions in the merger agreement are designed to ensure that, on an aggregate basis, approximately 70 percent of the shares of National Penn common stock outstanding immediately prior to the completion of the merger will be exchanged for BB&T common stock, and approximately 30 percent of the shares of National Penn common stock outstanding immediately prior to the completion of the merger will be exchanged for cash.

As further described in the election materials, to make a valid election, a properly completed election form and letter of transmittal and any National Penn stock certificate(s), together with any other required documents described in the election materials, must be received by Computershare Trust Company, N.A., the exchange agent for the transaction, prior to the election deadline. National Penn common shareholders who hold their shares through a broker, bank, trustee or other nominee should follow the instructions of such broker, bank, trustee or other nominee as to the procedures for making elections and exchanging their shares of National Penn common stock, which may contain an earlier deadline by which you will need to submit your election to such broker, bank, trustee or other nominee. National Penn security holders should carefully read the proxy statement/prospectus for the merger, the merger agreement and all the election materials provided to them before making their elections. 

Any security holders who do not make a proper election by the election deadline will have their shares of National Penn common stock or equity awards exchanged for cash, shares of BB&T common stock, or a combination of cash and shares of BB&T common stock, depending on the valid elections of other National Penn security holders in accordance with the allocation and proration procedures in the merger agreement.

National Penn security holders who have election procedure questions, want up-to-date information on the election deadline or wish to obtain copies of the election materials may contact Georgeson Inc., the information agent for the election, at 877-278-4775 from 9 a.m. to 11 p.m. ET Monday to Friday, and Saturday noon to 6 p.m. ET.

Electronic copies of the merger agreement and the proxy statement/prospectus of National Penn and BB&T, dated Oct. 23, 2015, (the proxy statement/prospectus), as well as other filings containing information about National Penn and BB&T, may be obtained at the Securities and Exchange Commission's website, SEC.gov, BB&T's website, BBT.com, and National Penn's website, NationalPennBancshares.com. Copies of the merger agreement and the proxy statement/prospectus are also available, free of charge, by directing a request to either BB&T Corporation or National Penn, as described below.