M&A Deal Summary

Truist Acquires Area Bancshares

On March 21, 2002, Truist acquired financial services company Area Bancshares

Acquisition Highlights
  • This is Truist’s 28th transaction in the Financial Services sector.
  • This is Truist’s 30th transaction in the United States.
  • This is Truist’s 2nd transaction in Kentucky.

M&A Deal Summary
Date 2002-03-21
Target Area Bancshares
Sector Financial Services
Buyer(s) Truist
Deal Type Add-on Acquisition

Target

Area Bancshares

Owensboro, Kentucky, United States
AREA banks provide a range of financial services, owns two commercial banks and one non-depository trust company.

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Buyer(S) 1

Buyer

Truist

Charlotte, North Carolina, United States

website

Category Company
Founded 1872
Sector Financial Services
Employees53,207
Revenue 22.7B USD (2020)
DESCRIPTION
BB&T's corporate headquarters in Winston-Salem, North Carolina.
BB&T's corporate headquarters in Winston-Salem, North Carolina.

Truist is a financial services company. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Truist was founded in 1872 and is headquartered in Charlotte, North Carolina.

DEAL STATS #
Overall 30 of 50
Sector (Financial Services) 28 of 42
Type (Add-on Acquisition) 30 of 45
State (Kentucky) 2 of 3
Country (United States) 30 of 50
Year (2002) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-03-08 MidAmerica Bancorp

Louisville, Kentucky, United States

MidAmerica Bancorp operates 30 banking offices in the Louisville metropolitan statistical area through the Bank of Louisville, its primary subsidiary.

Buy $372M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-01 Stanley Hunt DuPree & Rhine

Greenville, South Carolina, United States

Stanley, Hunt, DuPree & Rhine, Inc. is a single-source benefit solutions provider, offering employee benefit consulting, plan administration, and record-keeping services to businesses of all sizes.

Buy -
Mergr

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