plans to acquire
Virginia Capital Bancshares
in two separate stock swaps.
BB&T, a bank holding company based in Winston-Salem, N.C., said the acquisitions will expand its presence along the I-81 and I-95 corridors covering northern Virginia, along with Richmond and Washington. The deals will increase BB&T's Virginia assets to more than $11 billion.
BB&T plans to acquire Virginia Capital, of Fredericksburg, Va., for $180.5 million, or $18.50 a share based on BB&T's closing price Tuesday of $37.31. Virginia Capital is the holding company for Fredericksburg State Bank, which has four offices in Virginia. F&M National, based in Winchester, Va., has $4 billion in assets. The transaction is worth $1.17 billion, or $40.67 for each F&M share.
Shares of F&M National easily broke through the 52-week high of $27.69, soaring $10.13, or 37%, to $37.75 in recent
New York Stock Exchange
trading. Virginia Capital lost $2.19, or 10.7%, to $18.31 in recent
Shares of BB&T lost $1.69, or 4.5%, to $35.63 in recent Big Board trading.