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BB&T To Acquire Select Texas Branches From Citibank

Stocks in this article: BBT

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.

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