Seeking Alpha

BB&T acquires Texas Citibank branches

  • 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)
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