After Pair of Billion-Dollar Acquisitions, BB&T Empire Adds by Subtracting
BB&T Corp. has announced that it will consolidate 28 branches as part of its combined $4.3 billion acquisition of Susquehanna Bancshares and National Penn Bancshares, writes Jeff Blumenthal from the Philadelphia Business Journal.
The Montgomery County branches in Abington, Pottstown, and Wynnewood are among those that will close.
According to Blumenthal, BB&T said there would be no job loss as a result of closing the branches, which will take place during the scheduled systems conversion in July.
The company said most of the affected employees would be relocated to the branches receiving the deposits. It also said most of those are situated less than a mile away.
Berks (6), Chester (5), Lancaster (4), Montgomery (3) and Luzerne (3) counties have the largest number of shuttering locations.
Most (17) are National Penn locations being consolidated into BB&T (legacy Susquehanna) branches, with 10 BB&T branches being received by National Penn locations. One BB&T branch will be consolidated into another BB&T site.
“Susquehanna gave BB&T 240 branches in Pennsylvania, New Jersey and Maryland, 58 of which are in the immediate Philadelphia region,” writes Blumenthal. “National Penn had 124 branches, with 44 in this immediate region and a large swath in Lehigh and Berks counties.”
Factoring in the branch consolidations, BB&T will have roughly 90 locations in greater Philadelphia.
Click here to read more about the BB&T branch consolidations from the Philadelphia Business Journal.
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