-
The North Carolina company had made it clear it would pursue more acquisitions after closing its purchase of the $19 billion-asset Susquehanna Bancshares earlier this year.
August 17 -
The Pennsylvania company chose to sell to a much larger bank rather than buy smaller rivals or manage assets to delay added regulatory burden. More banks could follow that example. The only thing missing is interest from regional suitors.
August 18 -
BB&T will dismiss most of a 21-person small business lending group who had been employed by Susquehanna Bancshares.
August 6
BB&T in Winston-Salem, N.C., plans to close 25 branches as part of its integration of National Penn Bancshares in Allentown, Pa.
The $210 billion-asset BB&T on Monday agreed to buy the $9.6 billion-asset National Penn for about $1.8 billion. BB&T said that it plans to cut National Penn's annual noninterest expenses by $65 million, or 30%.
Closing 25 branches is "very attainable," Kelly King, BB&T's chairman and chief executive, said during a conference call Tuesday to discuss the deal. "Remember, there is overlap" with branches BB&T gained from its recent purchase of Susquehanna Bancshares in Lititz, Pa., King added.
A undetermined number of job cuts should also be expected after BB&T evaluates "back-room activities," Ricky Brown, president of BB&T's bank, told the
BB&T has already confirmed that it will dismiss most of a
BB&T will also reduce expenses in areas unrelated to personnel, Scott Fainor, National Penn's chief executive, said. Fainor is expected to remain at BB&T as a regional leader. BB&T also plans to make Allentown its regional headquarters, which Allentown Mayor Ed Pawlowski said will allow the city to remain a "major financial center."
