BB&T Corp. announced Tuesday it has received all regulatory approvals needed to close on its $2.5 billion deal to buy the parent of Susquehanna Bank.
The takeover, announced in November, will make BB&T the fifth-largest bank in Maryland, while extending the Winston-Salem, N.C.-based bank's presence in Pennsylvania and New Jersey. Susquehanna, based in Lititz, Pa., is Maryland's ninth-largest bank and Pennsylvania's seventh-largest ranked by deposits, and has a smaller presence in New Jersey and West Virginia.
BB&T said it had regulatory approval from the Federal Reserve, the FDIC and all required state regulators to acquire Susquehanna Bancshares. The transaction is expected to close Aug. 1, with the conversion becoming final in the end of 2015.
BB&T has 125 locations in Maryland, while Susquehanna has 38 branches in the state.
The cash-and-stock deal will allow the larger BB&T to better manage financial pressures that have depressed Susquehanna's earnings, Susquehanna's CEO has said.