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NC's BB&T To Acquire Susquehanna Bank

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Winston-Salem based BB&T has announced a today to buy Susquehanna Bank. The $2.5 billion deal adds 245 new branches to BB&T, and extends the bank's reach into Pennsylvania and New Jersey.  Much of Susquehanna's growth comes in more rural markets - something BB&T hopes to capitalize on:

"One of the things we learned through the downturn over the last six years is that you don't want to have all of your franchise in high-growth markets, you want to have diversification," said CFO Daryl Bible. "This gives us a lot of good geographical diversification by getting into these markets."

BB&T will gain ground in Pennsylvania, New Jersey, West Virginia and Maryland. The move comes just months after a deal pushed BB&T into markets in Texas and Kentucky. The company points to this week's deal with a mid-sized bank as a turning point after post-recession financial rules were written.

"This is the first [deal] of it's kind since the new rules and regulations have been adopted," said Bible. "So, I think the industry's really watching this transaction, making sure that it closes. It could spur more activity down the road."

Susquehanna has about $18.6 billion in assets. The deal is expected to close in the second half of 2015.

 

Stories, features and more by WUNC News Staff. Also, features and commentary not by any one reporter.
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