WINSTON-SALEM, N.C.,
Aug. 3, 2015 /PRNewswire/ -- BB&T
Corporation (NYSE: BBT) today announced it has completed its
acquisition of Susquehanna Bancshares, Inc. (NASDAQ: SUSQ)
effective Aug. 1, 2015. Susquehanna is now operating as a division of
Branch Banking and Trust Company. The core banking systems
conversion is expected during the fourth quarter of 2015.
"We are pleased to complete this strategic transaction and
excited to welcome our new shareholders, clients and associates as
we continue moving forward with the smooth integration of these two
companies," said Chairman and Chief Executive Officer Kelly S. King. "As we move toward systems
conversion, our clients can continue to expect the same
award-winning client service from the same friendly faces at
Susquehanna Bank."
The acquisition, which was announced in November 2014, includes more than 240 branches in
Pennsylvania, Maryland, New
Jersey and West Virginia,
giving BB&T 2,138 financial centers throughout its footprint.
The merger includes approximately $13.8
billion in deposits, and total assets of $18.7 billion based on March 31, 2015, balances. BB&T received the
required regulatory approvals for the acquisition earlier this
year.
BB&T Corporation also 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. As
part of the acquisition, Susquehanna Bank merged with and into
Branch Banking and Trust Company.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with $191.0 billion in assets and market
capitalization of $29.6 billion, as
of June 30, 2015. Based in
Winston-Salem, N.C., the company
operates 1,903 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 has been recognized by the
U.S. Small Business Administration, Greenwich Associates and
others. More information about BB&T Corporation is available at
BBT.com/about.
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