BB&T acquires Texas Citibank branches

|About: BB&T Corporation (BBT)|By:, SA News Editor

BB&T(BBT +0.1%) is set to acquire 21 Citibank branches in Texas, including all of Citibank's retail branches in Austin and San Antonio.

After the deal, BBT will have 81 financial centers in the state with $2.8B in deposits and $2.1B in loans.

BBT is paying a 4.25% premium (~$36M) to book for the core deposits. (PR)