BB&T PUSHES INTO MID-ATLANTIC WITH SUSQUEHANNA BUY

NEW YORK (AP) – The commercial bank BB&T is buying Susquehanna Bancshares in a cash-and-stock deal worth about $2.5 billion.

That will give the Winston-Salem, North Carolina, bank a broader reach into the Mid-Atlantic region through Susquehanna’s 245 locations in Pennsylvania, Maryland, New Jersey, and West Virginia.

Shares of Susquehanna Bancshares Inc., based in Lititz, Pennsylvania, jumped 35 percent to $13.40 in premarket trading two hours before the market opening Wednesday.

Susquehanna shareholders will receive 0.253 shares of BB&T common stock and $4.05 in cash for each of their shares. That comes to $13.50 per share based on the average closing price of BB&T over the 45 trading days ending Monday.

BB&T Corp. will take a pre-tax merger and integration charge of $250 million, but expects $160 million in annual savings.

WANT TO BUILD A FINANCIAL EMPIRE?

Subscribe to the Global Banking & Finance Review Newsletter for FREE
Get Access to Exclusive Reports to Save Time & Money

By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.