NEW YORK (AP) – The commercial bank BB&T is buying Susquehanna Bancshares in a cash-and-stock deal worth about $2.5 billion.
Expanding BB&T’s Mid-Atlantic Presence
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.
Susquehanna Shares Surge After Deal
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.
Details of the Acquisition Terms
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.
Financial Impact and Projected Savings
BB&T Corp. will take a pre-tax merger and integration charge of $250 million, but expects $160 million in annual savings.
