BB&T, a North Carolina-based financial services group, has agreed to buy 41 branches in Texas from Citibank.
The disposal follows the sale of 21 branches in the state to BB&T in June. Pro forma for this transaction, BB&T will have approximately 123 branches and $5.3bn of deposits in Texas.
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The latest deal between the two banks includes retail branches in the Dallas, Houston, Midland and Odessa markets. In total, the acquisition adds $2.3bn in deposits and $87m in loans to BB&T.
BB&T said it will pay a premium to book value of approximately 5.3% of total deposits.
BB&T chairman and CEO Kelly King said: "We could not be more pleased to welcome our new Texas clients and associates into the BB&T family. Our previous 21-branch acquisition from Citibank has already proven to be a cultural fit, and we are excited to extend the BB&T brand to these individuals and our presence in these fast-growing strategically important markets."
For Citibank, the sale marks the end of its retail branch network in Texas, although it will continue to run other lines of businesses in the state.
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By GlobalDataCiti said its branch network in Texas did not provide the scale to capture future growth and market share in traditional retail banking.
Citi also sold its retail banking and credit card business in Spain to Banco Popular n June and, is reportedly also planning to sell its Japanese retail banking operations as part of its strategy to trim consumer-banking business.
