BB&T receives approval for Texas branch acquisition

WINSTON-SALEM, N.C., Feb. 2, 2015 /PRNewswire/ -- BB&T Corporation BBT announced today it has received regulatory approval from the FDIC and the North Carolina Office of the Commissioner of Banks to acquire 41 branches in Texas from Citibank. The transaction is expected to close March 20, 2015. 

The acquisition, which was announced Sept. 3, 2014, includes retail branches in the Dallas, Houston, Midland and Odessa markets, including $2.3 billion in deposits and $87 million in loans based on Sept. 30, 2014, balances. 

"We are very pleased to receive this approval and are excited about moving forward with this important transaction," said Chairman and Chief Executive Officer Kelly S. King. "The BB&T brand has grown dramatically in just a few years. This transaction represents a strategically compelling addition to the 21 branches we acquired in June 2014."

The $1.2 billion in deposits and $134 million in loans acquired previously were primarily in the fast-growing Austin, Bryan-College Station and San Antonio markets. After this closing, BB&T will be the 12^th largest bank in Texas with approximately 123 branches and $5.3 billion in deposits.

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 $26.8 billion, as of Dec. 31, 2014. Based in Winston-Salem, N.C., the company operates 1,839 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