The Fed Approves Susquehanna Bank Deal

By on July 8, 2015
Craig Kauffman, Susquehanna Market CEO, will take over as BB&T regional president here when the deal is officially completed, a Susquehanna spokesman said

BB&T Corp. Tuesday announced it’s received regulatory approval to acquire Lititz-based Susquehanna Bancshares from the Federal Reserve, the FDIC and all required state regulators.

This is most likely the final hurdle to the deal that’s targeted for completion on Aug. 1.

A Susquehanna spokesman in Lititz said Tuesday that customers likely won’t notice the effects of the merger until a fourth-quarter systems conversion when signage changes are made.

Craig Kauffman, Susquehanna Market CEO, will take over as BB&T regional president here when the deal is officially completed, a Susquehanna spokesman said.

Kelly S. King, BB&T chairman and chief executive officer, expressed delight over the latest news.

“We are very pleased to receive this approval and excited to move forward with the merger,” King noted in a press release.

Susquehanna, which has about 900 local employees, is the largest bank in the county and is a top-50 bank in the U.S. with more than 240 branch offices in Pennsylvania, Maryland, New Jersey, and West Virginia.

BB&T has said it expects to cut $160 million in annual operating expense from Susquehanna, but has not been specific about jobs here.

The merger includes $18.7 billion in assets and $13.8 billion in deposits based on March 31 balances. The planned acquisition was originally announced Nov. 12, 2014.

“Susquehanna is a strategically compelling deal expanding our franchise into a contiguous, attractive region that presents tremendous opportunities,” King said. “The diversity of our markets is a key element of our long-term success.”

BB&T previously announced it will create three new geographic banking regions &tstr; 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.

Patrick Burns is a staff writer for the Lititz Record Express. He welcomes your questions and comments and can be reached at pburns.eph@lnpnews.com or at 721-4455.

Leave a Reply

Your email address will not be published. Required fields are marked *