Susquehanna Bancshares Inc., the largest bank holding company based in the midstate, officially is no longer a midstate company, after closing a merger Saturday with BB&T Corp.
BB&T has completed its acquisition of the formerly Lititz-based company, the parent of Susquehanna Bank.
For the time being, the roughly 240 Susquehanna Bank locations will keep the Susquehanna name and operate as a division of BB&T. But by the end of the year, all of the Susquehanna locations will transition to the BB&T name, according to BB&T Central Pennsylvania Regional President Craig Kauffman.
While Kauffman could not nail down the number of Susquehanna employees who will lose their jobs as a result of the merger, he said BB&T does expect some back-office consolidation of positions and job reductions. Employees in positions that will not be continued will receive a 60-day notice and will have first consideration for any open positions at BB&T.
No Susquehanna Bank branches in the midstate have closed as a result of the merger.
RELATED: Susquehanna Bank moving capital region HQ to downtown Harrisburg
BB&T has formed three regional divisions in Susquehanna’s footprint — Central Pennsylvania, Western Maryland and Pennsylvania and Greater Delaware Valley. Susquehanna’s Maryland operations in the Baltimore region have been consolidated into BB&T’s Maryland operations.
Two members of Susquehanna’s former board of directors, Christine Sears and Susquehanna’s former CEO William Reuter, have been installed as members of BB&T’s board.
The last piece of housekeeping to be done is for BB&T to convert Susquehanna’s computer systems to its own. That is expected to come in the fourth quarter, according to a BB&T news release. If the systems conversion happens before June 23, a number of BB&T executives are in line for large bonuses. BB&T Chairman and CEO Kelly S. King is in line to receive a $1.03 million bonus.
