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Banking

BB&T PUSHES INTO MID-ATLANTIC WITH SUSQUEHANNA BUY

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Published : 10 years ago, on

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.

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