WINSTON-SALEM, N.C.,
July 7, 2015 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) today announced it has
received regulatory approval from the Federal Reserve, the FDIC and
all required state regulators to acquire Susquehanna Bancshares,
Inc. (NASDAQ: SUSQ). The transaction closing is expected to be
effective Aug. 1, 2015, and systems conversion is expected
during the fourth quarter 2015.
"We are very pleased to receive this approval and excited to
move forward with the merger," said Chairman and Chief Executive
Officer Kelly S. King. "Susquehanna is a strategically compelling deal
expanding our franchise into a contiguous, attractive region that
presents tremendous opportunities. The diversity of our markets is
a key element of our long-term success."
Headquartered in Lititz, Pa.,
Susquehanna is a top 50 bank in
the U.S. with more than 240 branch offices in Pennsylvania, Maryland, New
Jersey, and West Virginia.
The merger includes $18.7 billion in
assets and $13.8 billion in deposits
based on March 31, 2015, balances.
The planned acquisition was originally announced Nov. 12, 2014.
BB&T Corporation previously announced it will create three
new geographic banking regions – Western
Maryland and Pennsylvania,
Central Pennsylvania and the
Greater Delaware Valley regions. In addition, BB&T and
Susquehanna Bank will consolidate their existing regions in
Maryland to form a new Maryland
Region.
About Susquehanna Bank
Susquehanna Bank operates more than 240 branch offices in
Pennsylvania, New Jersey, Maryland and West
Virginia. It is part of Susquehanna Bancshares, Inc., a
financial services holding company with assets of $18 billion and 3,400 employees. Through
Susquehanna Wealth Management, the company also offers investment,
fiduciary, brokerage, insurance, retirement planning, and private
banking services. Susquehanna also
operates a risk management consulting and insurance brokerage firm,
a commercial finance company and a vehicle leasing company. For
more information, please visit www.susquehanna.net.
About BB&T
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, as
of March 31, 2015. Based in
Winston-Salem, N.C., the company
operates 1,875 financial centers in 13 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
BBT.com.
This news release contains certain forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995.
These statements may address issues that involve significant risks,
uncertainties, estimates and assumptions made by management. Actual
results may differ materially from current projections. Please
refer to BB&T's filings with the Securities and Exchange
Commission for a summary of important factors that may affect
BB&T's forward-looking statements. BB&T undertakes no
obligation to revise these statements following the date of this
news release.
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SOURCE BB&T Corporation