Monday, February 2, 2015

BB&T: Regulators OK branch purchases from Citibank

BB&T Corp. said Monday it has won approval from regulators to buy 41 branches in Texas from Citibank.

The Winston-Salem lender first announced plans to buy the branches in the Dallas, Houston, Midland and Odessa markets in September. Through the deal, BB&T will acquire $2.3 billion in deposits and $87 million in loans.

On Monday, BB&T said the Federal Deposit Insurance Corp. and the North Carolina Office of the Commissioner of Banks have approved the purchase.

The deal boosts BB&T's branches in Texas to 123 and its deposits in the state to $5.3 billion. BB&T also said the deal makes it the 12th-largest bank in Texas.

The purchase is the latest example of BB&T's push into Texas. In a separate deal completed in June, BB&T acquired 21 Citibank branches in the state.

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