LITITZ, Pa.,(WPMT) BB&T Corp has agreed to buy locally owned Susquehanna Bancshares Inc for $2.5 billion in cash and stock in one of the biggest banking deals since the 2008 financial crisis. The purchase expands the North Carolina based banking giants footprint in the mid-Altlantic region.
Under the deal, approved by the boards of both banks, Susquehanna shares will receive case and stock in a deal valued at $13.75 a share based on Tuesday’s closing price. Lititz, Lancaster County, based Susquehanna has about $18.6 billion in assets and 245 banking offices in Pennsylvania, Maryland, New Jersey and West Virginia. BB&T has $187 billion in assets and 1,842 financial centers in 12 states and the District of Columbia.
Susquehanna Bancshares closed up $3.23 Wednesday to finish the day at $13.13
