Susquehanna Bank
 | |
| Industry | Bank holding company |
|---|---|
| Fate | Acquired by BB&T Corporation |
| Successor | BB&T |
| Founded | 1901 (As "Farmers National Bank of Lititz") |
| Defunct | 2015 |
| Headquarters | Lancaster, Pennsylvania |
| Products | Financial services |
| Parent | Susquehanna Bancshares, Inc. |
Susquehanna Bank was a Lancaster, Pennsylvania-based bank which operated over 260 branches in four states including Pennsylvania, Maryland, New Jersey, and West Virginia. Susquehanna Bank's parent company was Susquehanna Bancshares, Inc. (NASDAQ: SUSQ) a regional financial services holding company based in Lititz, Pennsylvania with assets of approximately US$18,000,000,000 and 3,400 employees.
Susquehanna Bank was founded in 1901 as the Farmers National Bank of Lititz. In 1972 this bank changed its name to Farmers First Bank, and beginning in the 1970s it began to acquire other banks in the region, establishing Susquehanna Bancshares as its holding company in 1982[1] and expanding its reach into the states south of Pennsylvania beginning in the late 1980s.[2] In 2004, Susquehanna Bancshares consolidated its operations into three banks, all using the Susquehanna name.[3][4] The company has continued to expand, including two large acquisitions in 2008.[5]
In 2008, Susquehanna Bank acquired the naming rights to the Susquehanna Bank Center in Camden, New Jersey.[6][7]
In 2014, BB&T bank, announced its purchase of Susquehanna Bank as part of a major push into the Mid-Atlantic region.[8] The larger bank was easily able to acquire the much more localized bank. The deal was finalized on August 3, 2015 and all Susquehanna Bank branches were converted to BB&T four months later. Many local communities were discontented with this acquisition by a powerful, yet unfamiliar bank.[9][10]
References
- ↑ "Lititz, Pa.-Based Susquehanna Bancshares to Acquire Patriot Bank",Reading Eagle reprinted by Knight Ridder Tribune Business News, December 12, 2003 – via HighBeam Research (subscription required) .
- ↑ Joseph Radigan, "The Little Empire Builders", US Banker, September 1, 1994. – via HighBeam Research (subscription required) .
- ↑ Tim Mekeel, "Susquehanna Bancshares to realign 8 banks into 3; Farmers First Bank, part of Lancaster County since 1901, will become Susquehanna Bank PA." Lancaster New Era, October 1, 2004 – via HighBeam Research (subscription required) .
- ↑ Peter Heerwagen, "Susquehanna Bancshares to Consolidate and Rename its Two Banks in Region", Quad-State Business Journal, November 1, 2004 – via HighBeam Research (subscription required) .
- ↑ Tim Stuhldreher, "Bank Growth Not Easy, but It's Critical in Today's Economy", Central Penn Business Journal, July 6, 2012 – via HighBeam Research (subscription required) .
- ↑ Jeff Blumenthal, "Susquehanna Bank taking over naming rights at Tweeter Center", Philadelphia Business Journal, February 4, 2008.
- ↑ Harold Brubaker, "Tweeter Center is being renamed: The Camden concert venue will be Susquehanna Bank Center in a $10 million deal with the Lititz, Pa., firm." Philadelphia Inquirer, February 5, 2008.
- ↑ http://www.mcall.com/business/mc-bbt-susquehanna-banks-20141210-story.html
- ↑ http://www.bizjournals.com/baltimore/news/2015/08/03/bb-t-closes-acquisition-of-susquehanna-bank.html
- ↑ http://www.pennlive.com/midstate/index.ssf/2015/10/susquehanna_bank_branches_to_t.html