Bulletin: Susquehanna Bancshares Inc. Rating Unaffected By Planned Acquisition Of Tower Bancorp Inc. Jun 11
- ID: 1835265
- June 2011
- Standard & Poors
NEW YORK (Standard & Poor's) June 21, 2011--Standard & Poor's Ratings Services said today that its ratings on Susquehanna Bancshares Inc. (BBB-/Stable/--) are not affected by Susquehanna's planned acquisition of Tower Bancorp Inc. (not rated). Tower is a $2.6 billion financial holding company operating in central and southeastern Pennsylvania and Maryland through its primary subsidiary, Graystone Tower Bank. Susquehanna will fund the $345 million deal with 75% stock and 25% cash. The transaction, combined with the pending third-quarter acquisition of Abington Bancorp, will make Susquehanna a $17.8 billion organization with approximately 270 branches in Pennsylvania, Maryland, New Jersey, and West Virginia. The acquisitions will improve Susquehanna's market position, moving its pro forma deposit market share in its home state of...
Companies mentioned in this report are: Susquehanna Bancshares Inc.
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