BB&T

BB&T Logo
Wikipedia Commons

Winston-Salem based BB&T has announced a today to buy Susquehanna Bank. The $2.5 billion deal adds 245 new branches to BB&T, and extends the bank's reach into Pennsylvania and New Jersey.  Much of Susquehanna's growth comes in more rural markets - something BB&T hopes to capitalize on:

BB&T plans to bring 1,700 jobs to Greensboro in the next five years.

Winston-Salem-based BB&T is moving forward with plans to expand its banking operations in southeast Florida.

Leoneda Inge:  BB&T is one of the oldest and largest banks under the state’s banking supervision.   Ray Grace is North Carolina’s Acting Commissioner of Banks.  He says acquiring Bank Atlantic restores the luster to BB&T’s image as a growing institution after PNC’s acquisition of RBC.

Winston-Salem based BB&T is acquiring part of Florida’s BankAtlantic.

The bank will pay $300 million in exchange for nearly $5.5 billion in loans and deposits. The North Carolina company will not take on any loans at risk of default or bad assets in the merger. BB&T CFO Darryl Bible says the acquisition is ultimately safe.

Darryl Bible: "They separated the good bank form the bad bank. BB&T is acquiring all the good assets from BankAtlantic, about 2.1 billion dollars. BankAtlantic is basically retaining all the non performing assets."