NEW YORK (TheStreet) -- Susquehanna Bancshares (SUSQ) shares are skyrocketing, up 33.2% to $13.19, on Wednesday after BB&T (BBT) agreed to purchase the bank for $2.5 billion in cash and stock today.
The North Carolina-based financial holding company extended its presence in the mid-Atlantic region with its purchase of the Lititz, PA-based Susquehanna.
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"Similar to our recently announced market expansion acquisitions in the Dallas, Houston and Cincinnati markets, Susquehanna expands our franchise into a contiguous, attractive region that presents an exciting opportunity for us," said BB&T CEO Kelly King.
BB&T expects one-time integration costs to total $250 million while the company also expects to save $160 million annually following the deal.
TheStreet has further coverage of the deal here.
TheStreet Ratings team rates SUSQUEHANNA BANCSHARES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUSQUEHANNA BANCSHARES INC (SUSQ) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."