Summary
This 8-K filing from BB&T Corporation (now Truist Financial Corp.) on August 3, 2015, officially reports the completion of its acquisition of Susquehanna Bancshares, Inc. The merger, effective August 1, 2015, was completed on July 31, 2015. Investors should note that Susquehanna was merged into BB&T, with BB&T as the surviving entity, and Susquehanna Bank was merged into Branch Banking and Trust Company. The transaction involved a stock and cash component, where Susquehanna shareholders received 0.253 shares of BB&T common stock and $4.05 in cash for each share of Susquehanna common stock. The filing also details the treatment of Susquehanna's stock options and restricted stock awards, which were vested and converted according to the terms of the merger agreement. Additionally, the filing announces the appointment of former Susquehanna executives to BB&T's board of directors.
Key Highlights
- 1BB&T Corporation has officially completed its merger with Susquehanna Bancshares, Inc., effective August 1, 2015.
- 2Susquehanna Bancshares, Inc. was merged into BB&T Corporation, with BB&T continuing as the surviving entity.
- 3Susquehanna Bank was merged into Branch Banking and Trust Company, a subsidiary of BB&T.
- 4Susquehanna shareholders received 0.253 shares of BB&T common stock and $4.05 in cash per share of Susquehanna common stock.
- 5Outstanding Susquehanna stock options were converted into options to purchase BB&T common stock.
- 6Susquehanna's restricted stock awards and units were fully vested and cancelled, entitling holders to cash consideration.
- 7Two former Susquehanna executives, William J. Reuter and Christine Sears, have been appointed to BB&T's Board of Directors.