BB&T acquires Susquehanna Bank for $2.5 Billion

BB&T acquires Susquehanna Bank for $2.5 Billion

BB&T acquires Susquehanna Bank for $2.5 Billion

BB&T acquires Susquehanna Bank for $2.5 Billion

BB&T Corporation, one of the largest financial services holding compnies in the U.S., announced on Wednesday to acquire Susquehanna Bancshares in cash and stock deal for about $ 2.5 Billion.

Under the terms of deal, BB&T will pay 0.253 of  its own share and 4.05 in cash for every share of Susquehanna. The deal is worth about 13.75 a share by closing price on Tuesday.

“This acquisition will significantly expand BB&T’s footprint in the Mid-Atlantic region and improve its ranking to #5 in Maryland,” BB&T said in the statement.

After close the deal, Susquehanna’s Chairman and CEO William J. Reuter and Christine Sears, director, will join the BB&T Board of directors. BB&T is planning to create $10 million fund to support development in Lancaster.

BB&T advisors are Deutsche Bank and the law firm Wachtell, Lipton, Rosen & Katz. Susquehanna was advised by Keefe, Brunette & Woods and the law firm Sullivan & Cromwell.

 Mr. Stakebay says:

This deal helps BB&T to increase interests in the Mid-Atlantic region, although it is expected to bring about 250 million in costs, but on the other hand 160 million in annual cost savings. This deal BB&T achieves bigger attitude in Maryland, Pennsylvania, West Virginia and New Jersey.

Chairman and CEO of BB&T Corporation…..Kelly S. King….(2009-present)……..$ 11 993 625 (2013)

Chairman and CEO of SUSQUEHANNA Bank.. William J. Reuter.(2001-present)…$ 3 399 585 (2013)

   BB&T CORPORATION  

SUSQUEHANNA BANK

Revenue

$ 6.507 billion (2013)

$ 688.382 million (2013)

Operating income

$ 3.124 billion (2013)

$ 585.94 million(2013)

Profit

$ 1.562 billion (2013)

$ 174 million (2013)

Total assets

$ 183.01 billion (2013)

$ 18.473 billion (2013)

Total Equity

$ 22.809 billion (2013)

$ 2.718 billion (2013)

Employees

33 700 (2013)

3 395 (2013)

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