spot_img
Thursday, May 30, 2024

NCtrend: BB&T seeks more Northern exposure

BB&T is expanding into Amish country and other Northeast enclaves with its $2.5 billion acquisition of Susquehanna Bancshares Inc., based in Lititz, Pa., a town founded by Moravians in 1756. The deal, expected to close in the third quarter, will move BB&T into Pennsylvania and New Jersey for the first time and expand its presence in Baltimore and the Mid-Atlantic. Susquehanna has nearly $18.6 billion of assets and 245 branches, compared with BB&T’s $187 billion and 1,842. BB&T — now based in Winston-Salem, which Moravians from Pennsylvania founded in 1753 — announced deals last year to purchase Crestview Hills, Ky.-based The Bank of Kentucky for  $363 million and 41 Citibank branches in Texas. Pennsylvania is growing slower than BB&T’s Sun Belt markets, but it would be the third-most populous state in the bank’s footprint, after Texas and Florida. Because Susquehanna has struggled in recent years, BB&T has the potential to capture more value than if it bought a thriving company. Selling more insurance products and expanding commercial lending at the acquired bank should also make the deal pay off, JPMorgan Securities analyst Vivek Juneja says"".
Previous article
Next article
BusinessNC
BusinessNChttp://businessnc.com
For 40 years, sharing the stories of North Carolina's dynamic business community.

Related Articles

TRENDING NOW

Newsletters