This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BB&T To Acquire Select Texas Branches From Citibank

WINSTON-SALEM, N.C., Dec. 18, 2013 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) announced today the signing of an agreement to acquire 21 branches in Texas from Citibank. The acquisition includes all Citibank's retail branches in the Austin, Bryan-College Station and San Antonio markets, including $1.2 billion in deposits and $134 million in loans. The acquisition expands BB&T's presence in Texas to 81 financial centers, $2.8 billion of deposits and $2.1 billion of loans. 

"I want to warmly welcome our new clients and associates to BB&T," said Chairman and Chief Executive Officer Kelly S. King. "This acquisition is a compelling strategic expansion in Texas, where the BB&T brand and approach to client service have been very well received. We are excited about this transaction and look forward to our expanding opportunities in these fast-growing markets."

BB&T will pay a premium to book value of 4.25% of core deposits. Based on Sept. 30, 2013, balances, the expected premium is approximately $36 million.

"This acquisition is a great fit to leverage our current strategy and will allow our Texas operation to make an even bigger contribution to our future success," said President, Community Banking Ricky K. Brown.

BB&T's banking presence in Texas was established with its 2009 acquisition of Colonial Bank.  Since then, BB&T has significantly expanded in Texas with great success through a targeted de novo strategy. In November 2012, BB&T announced plans to open 30 new commercially focused financial centers during 2013. That plan has been accomplished and, along with the acquisition announced today, has helped establish BB&T as a top-20 bank in Texas with strong momentum to continue its growth.

BB&T's Texas presence extends well beyond its core banking operations. BB&T subsidiaries McGriff, Siebel and Williams Inc., BB&T Insurance Services, Regional Acceptance Corporation, BB&T Capital Markets, BB&T Investment Services and Grandbridge Real Estate Capital LLC are well established in Texas. Including today's announced acquisition, BB&T has approximately 1,500 employees in Texas.

Deutsche Bank Securities Inc. provided financial advice and Wachtell, Lipton, Rosen & Katz provided legal counsel to BB&T in this transaction.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs