American lender BB&T has entered into an agreement with Citibank to acquire its 21 retail banking branches in Texas.
The acquisition, which also includes $1.2bn in deposits and $134m in loans, will allow BB&T to expand its total deposits to $2.8bn and total number of loans to $2.1bn.
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The branches, which are all located in Austin, Bryan-College Station and San Antonio markets, will expand BB&T’s presence in Texas to 81 centers.
BB&T CEO and chairman Kelly S King said the acquisition is a compelling strategic expansion in Texas, where the BB&T brand and approach to client service have been very well received.
"We are excited about this transaction and look forward to our expanding opportunities in these fast-growing markets," King added.
BB&T community banking president Ricky K Brown said the current acquisition will allow their Texas operation to make an even bigger contribution to their future success.
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By GlobalDataHaving entered Texas in 2009 with the acquisition of Colonial Bank, BB&T has since then successfully expanded its core banking operations within the state.
Some of its subsidiaries in Texas include McGriff, Seibels & Williams, BB&T Insurance Services, Regional Acceptance, BB&T Capital Markets, BB&T Investment Services and Grandbridge Real Estate Capital.
