BB&T 2015 Annual Report Download - page 109

TableofContents




On August 1, 2015, BB&T acquired all of the outstanding stock of Susquehanna, a FHC organized in 1982 under the laws of the Commonwealth of
Pennsylvania. Susquehanna conducted its business operations primarily through its commercial bank subsidiary, Susquehanna Bank, which was merged into
Branch Bank. Susquehanna also operated other subsidiaries in the mid-Atlantic region to provide a wide range of retail and commercial banking and
financial products and services. In addition to Susquehanna Bank, Susquehanna operated a trust and investment company, an asset management company, an
investment advisory and brokerage firm, a property and casualty insurance brokerage company and a vehicle leasing company. Susquehanna had 245
banking offices in Pennsylvania, Maryland, New Jersey and West Virginia. BB&T acquired Susquehanna in order to increase BB&T’s market share in these
areas.
The acquisition of Susquehanna constituted a business combination. Accordingly, the assets acquired and liabilities assumed are presented at their fair values
in the table below. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market
conditions and other future events that are highly subjective in nature and subject to change. These fair value estimates are considered preliminary and are
subject to change for up to one year after the closing date of the acquisition as additional information becomes available. Immaterial amounts of the
intangible assets recognized are deductible for income tax purposes.

 

Assets acquired:
Cash, due from banks and federal funds sold $ 304
Securities 2,592
Loans and leases:
Commercial and industrial $ 4,039 3,876
CRE-income producing properties 2,137 2,062
CRE-construction and development 842 804
Dealer floor plan 31 31
Commercial other lending subsidiaries 852 807
Direct retail lending 1,980 1,836
Residential mortgage-nonguaranteed 1,545 1,511
Sales finance 1,654 1,580
PCI 618 403
Total loans and leases $ 13,698 12,910
Goodwill 1,376
CDI 167
Other assets 908
Total assets acquired 18,257
Liabilities assumed:
Deposits:
Noninterest-bearing deposits 2,068
Interest-bearing deposits 12,063
Total deposits 14,131
Debt 1,222
Other liabilities 299
Total liabilities assumed 15,652
Consideration paid $ 2,605
Cash paid $ 739
Fair value of common stock issued, including replacement equity awards 1,866
98
Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.