By Rachel Louise Ensign
BB&T Corp. got regulatory approval to buy Susquehanna
Bancshares Inc., marking the bank's second deal to get a green
light in as many months.
The Federal Reserve on Tuesday said it approved the
Winston-Salem, N.C.-based bank's application to buy Susquehanna.
The deal, for about $2.5 billion in cash and stock, was announced
last November and will expand BB&T's footprint in the
mid-Atlantic region. The bank said the Federal Deposit Insurance
Corporation and state regulators have also approved its purchase of
the Lititz, Pa.-based bank.
Just last month, BB&T got permission from regulators to buy
Bank of Kentucky Financial Corp.
The approvals come as other banks have struggled to get
regulators to sign off on deals. Kelly King, chief executive and
chairman of BB&T, said in an interview last month that the bank
could announce more deals after the Susquehanna purchase closes.
"We're optimistic that there will be some other opportunities for
BB&T to combine with good institutions," Mr. King said.
Susquehanna has $19 billion in assets and more than 240 branches
in Pennsylvania, Maryland, New Jersey and West Virginia. BB&T
said the acquisition is expected to close on Aug. 1 and bank
systems will be converted in the fourth quarter.
"We are very pleased to receive this approval and excited to
move forward with the merger," Mr. King said in a Tuesday press
release.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
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