WINSTON-SALEM, N.C.,
LITITZ, Pa. and FAIRMONT, W.Va., May 1,
2015 /PRNewswire/ -- BB&T Corporation (NYSE: BBT),
Susquehanna Bancshares, Inc. (NASDAQ: SUSQ) and MVB Bank, Inc.
(MVB), a wholly owned subsidiary of MVB Financial Corp. (OTC
Markets Group OTCQB: MVBF), announced today the signing of a
definitive agreement under which MVB will acquire two Susquehanna branch locations in Berkeley County, West Virginia (704 Foxcroft
Avenue in Martinsburg and 5091
Gerrardstown Road in Inwood) and
will assume approximately $69 million
of deposits and $17 million of
loans.
MVB's purchase includes both Susquehanna branch locations slated for
divestiture under BB&T's agreement with the Department of
Justice and commitments to the Board of Governors of the Federal
Reserve System in connection with its pending acquisition of
Susquehanna.
The transaction is subject to customary closing conditions,
including regulatory approvals.
Deutsche Bank Securities Inc. served as financial advisor to
BB&T. Wachtell, Lipton, Rosen & Katz served as legal
counsel to BB&T in this transaction.
Sullivan & Cromwell LLP served as legal counsel to
Susquehanna in this
transaction.
Squire Patton Boggs served as
legal counsel to MVB in this transaction.
About BB&T
As of March 31,
2015, BB&T is one of the largest financial services
holding companies in the U.S. with $189.2
billion in assets and market capitalization of $28.2 billion. Based in Winston-Salem, N.C., the company operates
1,875 financial centers in 12 states and Washington, D.C., and offers a full range of
consumer and commercial banking, securities brokerage, asset
management, mortgage and insurance products and services. A Fortune
500 company, BB&T is consistently recognized for outstanding
client satisfaction by the U.S. Small Business Administration,
Greenwich Associates and others. More information about BB&T
and its full line of products and services is available at
www.bbt.com.
About Susquehanna
Susquehanna is a financial services holding
company with total assets of approximately $18.7 billion. Headquartered in Lititz, Pa., Susquehanna provides banking and financial
services at 245 branch locations in the mid-Atlantic region.
Through Susquehanna Wealth Management, Susquehanna offers investment, fiduciary,
brokerage, insurance, retirement planning, and private banking
services, with approximately $7.9
billion in assets under management and administration.
Susquehanna also operates an
insurance brokerage and employee benefits company, a commercial
finance company, a vehicle leasing company, a mortgage division,
and a settlement services company. Investor information may be
requested through Susquehanna's
website at www.susquehanna.net.
About MVB
MVB Financial Corp. was formed on
January 1, 2004 as a bank holding
company and, effective December 19,
2012, elected to become a financial holding company. MVB
Financial features multiple subsidiaries and affiliated businesses,
including MVB Bank, Inc., Potomac Mortgage Group, Inc. which does
business as MVB Mortgage, and MVB Insurance, LLC. The Company's
principal executive offices are located at 301 Virginia Avenue,
Fairmont, W.Va., 26554-2777, and
its telephone number is (304) 363-4800. For additional information
regarding MVBF visit ir.mvbbanking.com. The OTCQB is a market
tier operated by the OTC Market Group Inc., for over-the-counter
traded companies that are current in their reporting with a U.S.
regulator.
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SOURCE BB&T Corporation