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Susquehanna sells off two West Virginia branches ahead of merger

The infrastructure changes at Lititz-based Susquehanna Bancshares Inc. have begun in advance of its transition to BB&T Corp., as the two companies jointly announced Friday the sale of two Susquehanna branches in West Virginia.

The companies said the two Susquehanna Bank branches will be sold to MVB Financial Corp., the holding company for MVB Bank. MVB assumes about $69 million in deposits and $17 million in loans, according to a filing with the Securities and Exchange Commission.

The two Susquehanna locations are in towns — Martinsburg and Inwood — where BB&T already has a presence, according to statistics from the Federal Deposit Insurance Corp.

The sale would leave Susquehanna with just one location in West Virginia — its largest bank in terms of deposits, according to FDIC statistics, at about $44 million. That last location also is in Martinsburg, where BB&T already has three branches.

If it adds the last Susquehanna branch, Winston Salem, N.C.-based BB&T would have about 80 branches in West Virginia.

BB&T, which is expected to acquire Susquehanna sometime in the second half of the year, already is by far the market share leader in the state, with about 16.5 percent of all deposits, with the second-place bank at 11.7 percent.

MVB Bank of Fairmont, W.Va., has 11 branches and about $1.2 billion in assets, according to FDIC records.

BB&T announced in November it agreed to buy Susquehanna for $2.5 billion, and in March, Susquehanna shareholders approved the merger. The acquisition is waiting for regulatory approval.

Susquehanna trades on the NASDAQ at SUSQ and has about $18.6 billion in assets. BB&T trades on the New York Stock Exchange under the ticker symbol BBT and has about $184.7 billion in assets.

Michael Sadowski

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