BB&T Corp. said in a legal advertisement posted Sunday it still is considering whether it will need to close Susquehanna Bank branches after the merger between it and Susquehanna Bancshares Inc.
The North Carolina-based bank holding company for BB&T announced in four separate legal ads that it has applied for permission to merge with Susquehanna from the Federal Deposit Insurance Corp., the North Carolina Commissioner of Banks, the Pennsylvania Department of Banking and Securities and the Federal Reserve Board.
With approval, Susquehanna will be absorbed into BB&T after the deal is done in the third quarter of 2015.
BB&T said in the legal ad notifying the public of the application with the FDIC that it will turn Susquehanna’s headquarters in Lititz into a branch location.
However, that has nothing to do with BB&T’s yet-unannounced plans for what it will be doing with the corporate headquarters space, according to a statement from David R. White, BB&T’s vice president, corporate communications.
“The notice which appeared in Lancaster area newspapers is required by the FDIC and indicates, among other things, which Susquehanna Bank facilities will accommodate legal BB&T branches. It in no way indicates BB&T’s future plans for the Susquehanna Bank corporate offices in Lititz.”
White did not respond to an email asking about the plans for the corporate offices.
There likely won’t be many branch closures in the midstate. According to the ad, BB&T will be looking into branch closings or consolidations in “geographies where branches overlap or for other business reasons.”
There is no overlap between BB&T and Susquehanna branches in this region. The banks’ only overlap is in the Baltimore area.
“It is likely BB&T will not make decisions regarding bank branches until after consummation of the transaction,” according to the legal ad.
The two sides agreed in November to merge in a $2.5 billion deal.
BB&T has about $187 billion in assets and trades on the New York Stock Exchange at the ticker symbol BBT. Susquehanna Bancshares Inc., the bank holding company for Susquehanna Bank, has about $18.6 billion in assets and trades on the NASDAQ at the ticker symbol SUSQ.