Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Susquehanna Bancshares (UNKNOWN:SUSQ.DL) are trading 32% higher today after agreeing to be bought out by BB&T (NYSE:BBT) for $2.5 billion.

So what: BB&T has offered $4.05 in cash and 0.253 BB&T shares for each Susquehanna share outstanding. At BB&T's current price -- shares are down a bit more than 2% in the wake of the deal -- Susquehanna's investors would get roughly $13.50 per share, which offers another 3% upside as of this writing. The deal is expected to close in the third quarter of 2015. BB&T CEO Kelly King called Susquehanna's regional footprint "an exciting opportunity," and BB&T has promised that the deal will not reduce its capital levels.

Now what: Susquehanna's 245 branches in Pennsylvania, Maryland, New Jersey, and West Virginia appeal to BB&T executives' expansionist mind-set, as the larger bank acquired 41 Texan branches from Citigroup (NYSE:C), and also agreed to buy out Bank of Kentucky Financial (UNKNOWN:BKYF.DL) for $363 million two months ago. Pennsylvania-based Susquehanna offers the North Carolina-based BB&T a foothold in the mid-Atlantic region, but this deal is rare in a post-crisis financial environment that has seen a number of regulatory fines and crackdowns levied on banks of all sizes. Only seven large bank buyouts have taken place since 2009, and M&T Bank, a repeat buyer, has had its $3.7 billion buyout of Hudson City Bancorp held up since 2012.

Investors will likely have at least a year before this deal closes, and it seems sensible to take gains and find other opportunities now, regardless of the ultimate outcome.