BB&T to buy Susquehanna Bancshares for $2.5bn
BBR Personnel Author
Published 13 Nov 2014
US-based monetary solutions holding firm BB&T has signed a conclusive contract to get Susquehanna Bancshares in a cash money as well as stock transaction for overall consideration of $2.5 bn.
Baseded in Lititz, Pennsylvania, Susquehanna has 245 financial workplaces in Pennsylvania, Maryland, New Jacket, and also West Virginia, with $18.6 bn in assets, $13.6 bn in deposits.The purchase is set up to considerably expand BB&T’s footprint in the Mid-Atlantic region, while improving its ranking to fifth in Maryland.BB & T chairman and also
main executive officer Kelly King said: “Much like our just recently announced market expansion acquisitions in the Dallas, Houston and also Cincinnati markets, Susquehanna increases our franchise business right into an adjoining, appealing area that offers an interesting opportunity for us. The diversity of our markets is a key component of our long-lasting success.”Susquehanna chairman and primary executive policeman William Reuter claimed:”BB&T’s broadened item offerings as well as resources incorporated with a more powerful annual report will certainly allow us to better offer our customers, partners and also communities.”Under the regards to the contract, Susquehanna investors would certainly get as merging factor to consider 0.253 shares of BB&T usual stock as well as $4.05 in cash for each and every share of Susquehanna common stock.The merger factor to consider is valued at$ 13.50&per share based on the typical closing price of BB&T over the 45 trading days finishing on 10 November.In conformity with purchase, BB&T intends to develop 3 brand-new banking regions covering specific markets in Pennsylvania and New Jacket, and integrate its Baltimore
area with Susquehanna’s. All 4 regions are anticipated to be led by tradition Susquehanna executives.Current Susquehanna Board participants William Reuter and also Christine Sears would certainly sign up with BB&T’s Board of Directors, after closure of the purchase
, which undergoes normal closing conditions consisting of regulative approvals and approval of Susquehanna shareholders.Image: BB&T has actually signed a clear-cut contract to obtain Susquehanna Bancshares for$2.5 bn. Picture: Barbthebuilder.