WINSTON-SALEM, N.C.,
March 20, 2015 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) announced today it has
completed its acquisition of 41 branches in Texas from Citibank. These branches will
officially open as BB&T branches Monday, making BB&T the
14th largest bank in Texas with approximately 121 branches and
$5.1 billion in deposits.
The acquisition, which was announced in September 2014, includes retail branches in the
Dallas, Houston, Midland and Odessa markets, including $2.2 billion in deposits and $81 million in loans based on Feb. 28, 2015, balances. BB&T received
regulatory approval for the acquisition from the FDIC and the North
Carolina Office of the Commissioner of Banks in February 2015.
"We are excited about the completion of this important
transaction and look forward to making BB&T's unique brand of
client service even more accessible to our Texas clients and prospects," said Chairman
and Chief Executive Officer Kelly S.
King. "The BB&T brand in Texas has grown dramatically in just a few
years, and we are committed to the communities and clients in these
markets. This transaction represents a strategically compelling
addition to the 21 branches we acquired in June 2014."
The $1.2 billion in deposits and
approximately $122 million in loans
acquired previously are primarily in the fast-growing Austin, Bryan-College Station and San Antonio markets.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with $186.8 billion in assets and market
capitalization of $28.0 billion, as
of Dec. 31, 2014. Based in
Winston-Salem, N.C., the company
operates 1,880 financial centers in 12 states and Washington, D.C., and offers a full range of
consumer and commercial banking, securities brokerage, asset
management, mortgage and insurance products and services. A Fortune
500 company, BB&T is consistently recognized for outstanding
client satisfaction by the U.S. Small Business Administration,
Greenwich Associates and others. More information about BB&T
and its full line of products and services is available at
BBT.com.
This news release contains certain forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995.
These statements may address issues that involve significant risks,
uncertainties, estimates and assumptions made by management. Actual
results may differ materially from current projections. Please
refer to BB&T's filings with the Securities and Exchange
Commission for a summary of important factors that may affect
BB&T's forward-looking statements. BB&T undertakes no
obligation to revise these statements following the date of this
news release.
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SOURCE BB&T Corporation