BB&T Acquisition of Susquehanna Eff. Aug. 1
After months of speculation that the acquisition of Lititz-based Susquehanna Bank by North Carolina-based BB&T would be approved by federal regulators, LititzDailyNews.com has learned that all needed approvals for the transition have been obtained.
“I’m writing to be sure you saw BB&T’s recent news release that it has received regulatory approval for the acquisition of Susquehanna Bancshares,” wrote Stephen Trapnell, a vice-president of Susquehanna Bank, to LititzDailyNews.com last night.
LititzDailyNews.com will be featuring multiple stories on this transition, and its impact on the community, over the next few days and weeks, as well as an interview with the Susquehanna executive who will serve as Regional President for BB&T in the Lititz area when the merger is completed,
Landisville resident Craig L. Kauffman, the current chief executive officer of Susquehanna Bank’s Central Pennsylvania Division, will lead the new Central Pennsylvania Region for BB&T. Kauffman, a Susquehanna employee since 2013, has over 26 years of experience in banking. He is a graduate of Millersville University, and holds an MBA from Penn State University.
Trapnell provided a link to the following release from BB& T dated July 7:
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.
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Lynn Rebuck covers all beats for LititzDailyNews.com. Email her at editor@LititzDaily.com