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BB&T Closes BankFirst Acquisition

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(BBT) - Get Free Report

completed the acquisition of


, which is based in Knoxville, Tenn., for $216.2 million.

The acquisition provides BB&T with an entry into Tennessee. BankFirst shareholders will receive 0.4554 of a share of BB&T for each BankFirst common share. The deal values each BankFirst share at $17.42, based on BB&T's closing price of $38.25 on Wednesday.

BankFirst, with $854.4 million in assets, operates 32 banking offices in eastern Tennessee. BB&T, Winston-Salem, N.C., has $57.5 billion in assets and operates 854 branches.

Shares of BB&T were recently down 25 cents, or 0.7%, to $38 on the Big Board.