NEW YORK (TheStreet) -- BB&T Corp. (BBT) will buy 41 additional retail branches in Texas from Citigroup (C) in locations including Dallas and Houston for a 5.3% premium to book value on about $2.3 billion in deposits as it seeks to expand in the nation's second-most populous state, the Winston-Salem, NC bank said today, according to Bloomberg.
In December, the lender said it would purchase 21 Citigroup retail locations in several Texas cities.
The bank is seeking to make more acquisitions in the state, said CEO Kelly King.
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Regional lenders including BB&T, U.S. Bancorp (USB) and Huntington Bancshares Inc. (HBAN) are scooping up pieces of rivals as some of the industry's largest lenders including Citigroup and Bank of America Corp. (BAC) exit regions and lines of business, Bloomberg said.
Shares of BB&T are down -0.24% to $37.44.
TheStreet Ratings team rates BB&T CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BB&T CORP (BBT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its expanding profit margins, attractive valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."