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BB&T buys Citibank branches in Texas

Wednesday, 18 December 2013

BB&T, which just a few years ago was a stranger to Texas, is set to become one of the top-20 banks in the Lone Star State with the purchase of 21 branches from Citibank. Those are all of Citibank's branches in the Austin, Bryan-College Station and San Antonio markets, the bank said in an announcement. The deal adds $1.2 billion in deposits and $134 million in loans. It paid a premium of 4.25 percent of the core deposits it acquired, which works out to about $36 million. BB&T (NYSE: BBT) entered…
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