Financial services association BBT has an agreement to acquire from Citibank 21 sell branches in Texas, including 8 in a San Antonio area.
The deal, that is approaching to tighten in a second entertain of subsequent year, will give BBT 13 branches in San Antonio and 81 in Texas.
BBT, of Winston-Salem, N.C., is appropriation all of Citibank’s San Antonio-area branches, that collectively hold about $112.5 million in deposits as of Jun 30.
“This is an enlargement play for BBT in San Antonio, Austin and College Station,” pronounced Bill Toomey, BBT’s boss for Houston and a Central Texas region. “We’re looking brazen to stability to grow.”
About 50 Citibank employees in a San Antonio area branches will join BBT once a understanding closes. Overall, BBT will occupy about 1,500 in Texas during closing.
A Citibank orator couldn’t immediately be reached for criticism so a reason for similar to sell a branches couldn’t immediately be determined.
The 21 branches BBT is appropriation have a sum of $1.2 billion in deposits and $134 million in loans. BBT’s Texas branches will have $2.8 billion in deposits and $2.1 billion after a deal.
BBT will compensate a reward to book value of 4.25 percent of core deposits, or an approaching reward of $36 million formed on deposits as of Sept. 30, it pronounced in a statement.
BBT determined a participation in Texas in 2009 with a merger of Colonial Bank.
It non-stop a initial bend in San Antonio in Nov 2012, and non-stop 4 others in a initial and second buliding of this year, Toomey said. Those 5 branches had about $6.2 million in deposits as of Jun 30, according to a Federal Deposit Insurance Corp.’s website.
“Now we’ve got 13 locations and a flattering healthy placement now to enhance a retail, a commercial, a noncredit and a collateral markets corporate banking efforts in San Antonio,” he said.
Toomey isn’t fazed by a volume of sell banking foe in San Antonio.
“The economy in San Antonio is incredible,” he said. “While there are a series of competitors, a economy is a flourishing economy, so as a economy continues to expand, it allows … everybody to expand.”
Overall, BBT had about $181.1 billion in resources as of Sept. 30.