Susquehanna Bancshares is branching out in Maryland.
Acquiring Community Banks Inc. for $860 million on May 1, Bancshares is expanding its footprint. As part of the deal, the Lititz, Pa.-based holding company of Susquehanna Bank will add three more locations to its more than 40 Maryland branches.
For residents, it means one more banking option, the bank said, while for small companies, it means another chance to grow.
“In the Baltimore area, we are well-positioned for small businesses and have lending units that specialize in small business and SBA lending and cash management,” said James G. Pierne, chairman, president and chief executive officer of Susquehanna Bank Maryland. “We want to continue to grow our presence in the small business market, especially how it relates to our wealth management and cash manager product lines.”
With more than $12 billion in assets and $2 billion in market capitalization, Susquehanna Bancshares is the 45th-largest bank holding company in the United States. In the Baltimore and southern Pennsylvania target region, Susquehanna Bank reported that it finished eighth for 2006, gaining a 2.56 percent market share. This finish placed Susquehanna ahead oflocal banks like First Mariner Bancorp (1.93 percent) and Eastern Savings Bank (1.82 percent), but behind Bank of America Corp. (24.39 percent) and PNC Financial Services (13.34 percent).
As for the future of Susquehanna, analysts expect to see the financial institution undergo steady growth.
“With them rebranding under the Susquehanna name in [Maryland], you are seeing more of them continuing to push into this area,” said Matthew C. Schultheis, an analyst who tracks Susquehanna Bancshares for Ferris Baker Watts Inc.
But Pierne see growth coming sooner rather than later.
“There are still some markets where we want to extend the branch system,” he said. “Three new branches are set to open in 2007 and more planned for 2008, with many focused in the Baltimore metropolitan area.”
